Public sector net borrowing 'highest ever'
Public sector net borrowing reaches highest level since records began, ONS confirms
Also In The News
|
By Matt Hallam. |  |
Thursday, 19, Nov 2009 01:12
Public net sector borrowing reached its highest level since records began in 1993, official figures have shown.
Borrowing reached £11.42 billion in October, much higher than forecasters had predicted, with public sector net debt as a percentage of gross domestic product (GDP) reaching 59.2 per cent.
By the end of last month, public sector net debt stood at £829.7 billion, including £142 billion as a result of bank bail-outs.
However, the Treasury has said the figures out today are in line with government forecasts.
October is traditionally a strong month for corporation tax receipts.
Unemployment is still rising, although at a slower rate, and recent figures show there are now 2.46 million people without a job in the UK.