Latest Public Sector News

21.11.12

Public borrowing higher than expected

UK public borrowing is worse than previously expected, new figures from the ONS show.

Excluding financial incentives, public borrowing in October rose to £8.6bn, significantly higher than the predicted £6bn. In October 2011, the figure was £5.9bn.

This is the last set of borrowing figures before the Chancellor’s Autumn Statement, which could now include further cuts in spending.

The high figure is due to a fall in corporation tax receipts of nearly 10%, as well as a rise in day-to-day department spending.

For the six months of the financial year so far, borrowing is at £72.3bn – £5bn higher than the same time last year.

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