British public finances in worst October deficit since 2009Staff writer ▼ | November 23, 2015
According to the Office for National Statistics, UK's headline public borrowing rose to £8.2bn last month from £7.1bn in the corresponding period in 2014, exceeding forecasts for a £6bn reading.
United Kingdom According to the Office for National Statistics:
In July, the chancellor unveiled plans to cut the budget deficit this year to £69.5bn, representing 3.7% of Britain's gross domestic product, from £89.2bn in the year to the end of March. However, to meet his target, Osborne will have to borrow £15.2bn from November through to March.
In the first half of the 2015-2016 tax year, public sector borrowing declined 10.9% to £54.3bn compared with the period between April and October 2014, while other current spending rose £1.4bn from October last year. ■