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UK borrowing down but deficit still stands

 

The Office for National Statistics (ONS) has released figures showing that Government borrowing dropped from £7.9 billion in October last year to £7.7 billion in October this year.

 

Overall the amount borrowed between April and October this year increased by £3.7 billion to £64.1 billion. This is in line with expectations from economists, who predicted an increase to the deficit, despite the promise of Chancellor George Osborne to reduce the amount.

 

In response to these figures a spokesman for the Treasury said: ‘While today’s public finance figures show borrowing is down this month compared to last year, the impact of the great recession is still being felt in our economy and the public finances.

 

‘At the same time, we have to recognise that the UK is not immune to the problems being experienced in Europe and other parts of the world economy. That’s why we will continue working through the plan that is building a resilient British economy’.

 

Tax receipts collected in October show a 12% increase of £5.8 billion on 2013, raising a total of £54.5 billion for the Treasury.