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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