22.01.13
Public sector borrowing higher than expected
UK public sector borrowing rose slightly in December, new statistics from the ONS show.
Borrowing rose from £14.8bn in December 2011 to £15.4bn in 2012. Analysts had forecast borrowing of £15.2bn.
Total borrowing so far this financial year, excluding the transfer of Royal Mail assets, is £106.5bn – around £7.2bn more than for the same period in 2011.
Excluding the cost of bank support, the UK’s total public sector net debt is now £1.11 trillion, or 70.7% of GDP.
The latest rise adds to fears that the UK may lose its AAA credit rating.
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