Public sector borrowing reached £14.8bn
Public sector borrowing reaches £14.8 billion as national debt climbs £43.5 billion in 12 months
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Tuesday, 20, Oct 2009 02:47
By Sarah Garrod.
Public sector borrowing in the UK has reached £14.8 billion, slightly lower than had been expected.
But net borrowing for the six months of the financial year stands at £77.3 billion, which is the worst figure for the period on record.
National debt is £43.5 billion higher than the same period a year ago.
The figures from the Office of National Statistics (ONS) were slightly lower than expected, with the government expecting borrowing to reach £175 billion this year.
Liberal Democrat treasury spokesperson, Vince Cable said: "With record borrowing in September and national debt now at almost 60 per cent, it is clear that at the very least we are on course to hit borrowing of £175 billion this year.
"With public borrowing continuing to soar the government needs a credible plan as to how it will restore the health of the public finances.
"The government must clearly identify what spending it intends to cut to bring the deficit under control otherwise it will have to be assumed it intends to squeeze budgets across the public sector hurting vital public services."
Unemployment is also on the rise, with figures last week showing it now stands at 2.47 million people.