Arab Today, arab today british government borrowing falls sharply
Last Updated : GMT 10:36:43
Arab Today, arab today
Arab Today, arab today

British government borrowing falls sharply

Arab Today, arab today

Arab Today, arab today British government borrowing falls sharply

London - AFP

British state borrowing tumbled by more than expected in July, boosted by its banking sector levy and improving local government finances, official data showed on Friday. Public sector net borrowing -- the government\'s preferred measure of the public finances -- slid to just £20 million ($33 million, 23 million euros) in July, the Office for National Statistics (ONS) said in a statement. The figure, which excludes the effects of financial interventions, compared with net borrowing of £3.5 billion in July 2010. Market expectations had been for borrowing of about £2.5 billion, according to analysts polled by Dow Jones Newswires. The banking sector levy raised around £660 million in the month, while the public purse was also bolstered by higher corporation and sales taxation revenues. Britain\'s Conservative-Liberal Democrat coalition government introduced the levy earlier this year in a major austerity plan aimed at slashing a record public deficit that was inherited from the previous Labour administration. Taxation receipts jumped 5.6 percent last month to £52.3 billion after the government ramped up sales tax to 20 percent at the start of the year. The ONS added that corporation or business tax receipts increased by £1 billion to £8.6 billion in July, while local government expenditure moved into a surplus of £1.1 billion. A Treasury spokesman said the official data continued to show \"deficit reduction taking effect with the public finances in balance in July\". But he added that the government needed to stick to its cost-cutting plans amid ongoing turmoil on global financial markets over soaring sovereign debt in the United States and in the eurozone. \"Events have shown with the US ratings downgrade and continued turbulence in Europe, it is vital that the government sticks to this plan,\" added the Treasury spokesman. For the first time in history, Washington was stripped of its triple-A credit rating earlier this month by Standard & Poor\'s. Despite the July improvement, Capital Economics economist Samuel Tombs said the government would likely miss its borrowing target of £122 billion for the 2011/2012 year, which runs until next March, as the ONS revised other data. \"Borrowing for previous months was revised up, so on current trends it will overshoot the ... full-year forecast of £122 billion by around £10 billion. This overshoot largely reflects the weakness of tax receipts,\" said Tombs.  

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today british government borrowing falls sharply Arab Today, arab today british government borrowing falls sharply

 



Arab Today, arab today
Arab Today, arab today Jordan airline suggests flyers 'talk'

GMT 11:59 2017 Friday ,24 March

Jordan airline suggests flyers 'talk'
Arab Today, arab today 5 Crafty Must-Have Limited-Budget Ideas

GMT 17:03 2017 Saturday ,25 March

5 Crafty Must-Have Limited-Budget Ideas
Arab Today, arab today Rebel supporters flood Yemen streets

GMT 06:39 2017 Monday ,27 March

Rebel supporters flood Yemen streets
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Yemen children dream of school

GMT 07:25 2017 Friday ,24 March

Yemen children dream of school
Arab Today, arab today MP submits a petition to dismiss university head

GMT 06:21 2017 Friday ,24 March

MP submits a petition to dismiss university head
Arab Today, arab today Salvage of South Korea's Sewol ferry

GMT 04:51 2017 Friday ,24 March

Salvage of South Korea's Sewol ferry
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Uber grounds self-driving cars

GMT 09:11 2017 Monday ,27 March

Uber grounds self-driving cars
Arab Today, arab today Audi RS 5 Coupe acquires new design

GMT 13:22 2017 Thursday ,23 March

Audi RS 5 Coupe acquires new design
Arab Today, arab today Actress Mervat Amin reveals her role in new series
Arab Today, arab today 2017 already marked

GMT 15:25 2017 Tuesday ,21 March

2017 already marked

GMT 06:04 2017 Thursday ,23 March

Haifa Wahby bets on her new drama show

GMT 22:00 2017 Thursday ,23 March

Number of unwedded girls amounts to 2.5m

GMT 18:57 2017 Tuesday ,21 March

Accessories designer reveals her new collection

GMT 10:34 2017 Tuesday ,21 March

Mexico threatens to ditch US corn imports

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures

GMT 20:03 2017 Saturday ,25 March

Health expert warns from dust sensitivity

GMT 07:36 2017 Wednesday ,22 March

US, Britain ban laptops on flights

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 19:27 2017 Saturday ,11 March

Boualsof launches "Priestess Kahina" collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday