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British public finances in worst October deficit since 2009

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Staff writer ▼ | November 23, 2015
George Osborne
United Kingdom   According to the Office for National Statistics:

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.

The figure could see the Office for Budget Responsibility increase its forecast for government borrowing in the 2015-2016 financial year, which would present Chancellor George Osborne with a serious challenge to meet his borrowing targets.

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.


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