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Government borrows record £10.3bn in October

The UK Government borrowed £10.3bn last month, up from £10.1bn in the same month last year and a record high for October.

The figures from the Office for National Statistics (ONS) show that borrowing since the start of the financial year has now reached £83.8bn.

The rise in October borrowing came despite signs that the improving economy was boosting the tax take, with corporation tax revenues up 29% and VAT receipts also higher.

The UK's budget deficit has widened by another £7.1bn, and net debt is now £845.8bn, representing 57.1% of gross domestic product.

However, the ONS revealed downward revisions to borrowing in August and September, down to £14.1bn and £15bn respectively. The revisions suggest that the Government remains on track to come within the £149bn borrowing forecast for the 2010/11 financial year.