Government borrowing finishes year on target

Government borrowing in March, the final month of the financial year, came in at £18.2bn, according to the measure which ignores the temporary effects of financial interventions which include bank bail-outs. Many analysts thought the figure would have been lower, but it was offset by a revised figure for February borrowing which was slashed by £3bn. The Office for Budget … Continue reading

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UK government may beat its borrowing target

The public sector current budget was in surplus by £11.8bn in January (excluding financial interventions involving rescues in the banking sector). This was £2.5bn higher than in the previous January. It is not surprising that a surplus was seen in January as this is historically a month when high tax receipts are seen due to self assessment tax returns falling … Continue reading

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Highest August borrowing figure on record

UK Public Sector Net Borrowing (PSNB) in August was a surprise £15.9 billion. This was a rise of £1.9 billion on August last year and was the highest August total on record, and well above the market forecasts of just over £13 billion. So far this fiscal year, between April and August, total PSNB has totalled £51.5 billion. This is … Continue reading

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Big increase in government borrowing last month

Public sector net borrowing reached £11.8bn in February, which compares with £9.5bn borrowed in February 2010, according to the ONS. This was a record level for any February. The figure was far higher than economists had been forecasting and means that total public sector net borrowing is now at £123.5bn for the financial year to date, which is 9.6% down … Continue reading

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Improvement in public sector finances

Public sector net borrowing in January 2011, showed a surplus of £3.7 billion compared with a deficit of £1.3 billion in the same month last year. Traditionally the country does show a surplus during January as a result of a lot of income tax and corporation tax bills being paid, but these figures are a vast improvement on last year. … Continue reading

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Public sector borrowing fell last month

In the lull before the storm of the next Budget, official figures show that public sector net borrowing fell in May. In fact net borrowing reached £16bn, which was down by 8% on the £17.4bn recorded in May last year. Public sector net debt, shown as a percentage of Gross Domestic Product was 62.2% at the end of May 2010, … Continue reading

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Public sector borrowing hits record high in November

The UK’s public sector net borrowing reached £20.3bn in November which is the highest monthly figure since these figures were first started in 1993. This figure compares with the £15.5bn which was recorded in November 2008. This is according to figures published by the ONS this morning.   According to the Pre Budget Report the chancellor is expecting total public … Continue reading

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Deeper in the red

The good news is that the government is painting the town red. The bad news is that it is with the red ink they are using to write the government’s borrowing needs – needs that we are all going to have to pay for, one way or another, in the years to come.   We have already gone from bad … Continue reading

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GDP declines for fifth quarter running

Preliminary figures for the second quarter of 2009 show that UK GDP fell by 0.8%. This compares with a decrease of 2.4% in the first quarter.  Most forecasts were surprised by the drop as many had been expecting a fall of about 0.3%.   This means that the UK economy has now contracted for the fifth consecutive quarter and has … Continue reading

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Public sector borrowing rises at record level

Public sector borrowing rose in May by £19.9bn., which compares with a rise of £12.2bn in the same month last year.  This is the largest monthly increase since records began.  This means that in the first two months of the new fiscal year, there was a total budget deficit of £30.5bn. Borrowing in April and May was almost 50% up … Continue reading

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