UK public sector borrowing lower than forecasts in July

| August 19, 2011 | 0 Comments

The Office for National Statistics (ONS) has today revealed UK public sector net borrowing fell last month.

According to the ONS, public sector net borrowing came in at £20 million in July – down from £3.5 billion in the same month a year ago.

The figure was much lower than analysts’ expectations and was boosted by higher taxes and the levy on banks’ balance sheets – the latter bringing an additional £660 million in the month.

Since the start of the financial year in April, public sector net borrowing totals £40 billion.

The Office for Budget Responsibility (OBR) is expecting public sector net borrowing to come in at £122 billion for the current tax year – lower than the £143 billion borrowed in the previous tax year.

Analysts described this month’s borrowing figures as encouraging.

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