UK public borrowing jumps to £11.6 billion in August

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UK public borrowing jumps to £11.6 billion in August
New blow for George Osborne as Coalition 'likely' to miss deficit reduction target
BEN CHU
Tues day 23 September 2014
P RINT A A
George Osborne's public finances headache remains unabated after
official figures showed the deficit in August came in at £11.6 billion, up
£700 million from the same month last year.
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The Office for National Statistics said public
borrowing for the tax year to date was £45.4
billion, a six per cent increase from the same
stage of 2013-14. Weak income tax receipts,
which are running £500 million lower than
last year, are primarily responsible for the
overshoot.
The annual comparison has been distorted
by strong receipts in early 2013-14 as people
shifted income to take advantage of the
Chancellor’s cut in the top rate of income
tax to 45p. But income tax and national
A
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insurance receipts were still weak in August,
rising by just 1.6 per cent year on year
despite record numbers in employment.
Analysts predicted that the Coalition could
find it difficult to meet its £115 billion
borrowing target for the year.
“August’s public finance figures show that
the Coalition is still struggling to bring
borrowing down as quickly as planned in the
March Budget” said Samuel Tombs of
Capital Economics.
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Separate figures from the British Bankers’ Association showed that
gross mortgage lending in August was £11.1 billion, up 15 per cent year
on year.
Mortgage approvals for house purchase were 41,588, a 5% year-on-year
increase. But approvals were 15% down on January’s peak.
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The internet's
seven most
sinister
sinister
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theories
FILM
Post
14 hours ago
eh !! ... I though all these Austerity cuts were to pay for the deficit
mess Labour supposedly left behind ... so how .. just how does it go
up so much .. did Osbourne get an E- in his Maths Exam
+ 0 –
15 hours ago
More proof 'austerity' is about right wing political dogma than
reducing the economic deficit
+ 3 –
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