British government borrowed less in August as compared with the same period of last year, according to figures released by the Office for National Statistics (ONS) on Friday. The ONS said public sector net borrowing excluding temporary effects of financial interventions such as bank bailouts was 13.2 billion pounds (17.8 billion U.S. dollars) in August, 1.3 billion pounds lower than a year earlier. Public sector net debt amounted to 1,193.3 billion pounds at the end of August 2013, equivalent to 74.6 percent of the country's gross domestic product (GDP). British government has set a target to cut deficits to no more than 120 billion pounds in 2013. The August figure on government borrowing shows that the austerity measures taken by the coalition government, elected in 2010, are now working. British Finance Minister George Osborne has recently attributed the current economic recovery to the government's persistence in the measures, saying that the recovery was a vindication of his focus on fixing public finances. Osborne declared the government is the winner of the long-running argument over the pace of spending cuts.
GMT 12:09 2018 Monday ,26 November
Black Friday less wild as more Americans turn to online dealsGMT 15:07 2018 Sunday ,18 November
Refugee host countries discuss UNRWA's financial crisisGMT 17:22 2018 Wednesday ,31 October
Russia climbed to 31st place in Doing Business-2019 ratingGMT 16:53 2018 Wednesday ,17 October
"Putin" We need for collective restoration of Syria's economyGMT 14:02 2018 Friday ,12 October
Govt to announce incentives package for Overseas PakistanisGMT 18:26 2018 Saturday ,06 October
Dubai attracts Dh17.7 billion in foreign direct investmentGMT 09:02 2018 Friday ,21 September
Economy of Georgia demonstrates "strong signs of recovery"GMT 09:03 2018 Wednesday ,24 January
German investor confidence surges in JanuaryMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor