UK Public Borrowing Lower Than Expected

UK Public Borrowing Lower Than Expected

The month of October saw the UK’s new borrowing fall to £6.5 billion, down from £7.7 billion the year before.

The borrowing was lower than expected as growth in tax revenue was greater than spending, with most economists having predicted the figure would be £6.8 billion.

Total borrowing since April has been £68.3 billion which is in sight of the government’s borrowing target for the financial year of £122 billion.

Chief UK economist for Societe Generale said: “I think the numbers are a little reassuring, but the fundamental problem of the slowdown in growth remains.”

The Treasury claimed the figures showed that the UK was making positive progress in cutting the deficit.

A Treasury spokesman said: “These figures demonstrate the government’s progress in cutting the deficit so far this year, with borrowing now over £10bn lower in the year to October than in the same period last year,” a Treasury spokesman said.
“The difficult decisions which have delivered this reduction in borrowing have made the UK a relative safe haven in the sovereign debt storm, but we are not immune to the turbulence in the eurozone and its impact on British businesses.”

Next week the Chancellor George Osborne is expected to announce a package of measures to help growth in the economy.

Ricky Steedman

Ricky worked as an Investigator in the Inland Revenue for over 20 years before founding Steedman & Company in 1987, giving him the experience and knowledge that enabled him to help so many clients over the years.

His appearance on a Channel 4 television programme about the inside workings of Revenue and Customs was watched by 4.1m which sealed his status as one of the most highly respected tax consultants to ever work in Scotland.

Ricky led all tax investigation and COP 9 cases, using his extensive knowledge to help people reach a positive resolution to their situation.

Ricky passed away suddenly and unexpectedly in June 2022 after leaving his indelible mark on the company he founded and headed for over 35 years.