Arab Today, arab today uk public deficit climbs unexpectedly
Last Updated : GMT 14:21:59
Arab Today, arab today
Arab Today, arab today

UK public deficit climbs unexpectedly

Arab Today, arab today

Arab Today, arab today UK public deficit climbs unexpectedly

London - AFP

British state borrowing climbed in October, official data showed on Wednesday, dealing a blow to finance minister George Osborne ahead of next month\'s update on the coalition government\'s budget plans. Public sector net borrowing soared to £8.6 billion ($13.7 billion, 10.7 billion euros) last month, the Office for National Statistics said in a statement. That compared with £5.9 billion in October 2011. The data excludes the temporary effects of financial interventions such as bank bailouts. Market expectations had been for public borrowing of £6.0 billion in October, according to analysts polled by Dow Jones Newswires. Chancellor of the Exchequer Osborne is due to present his budget update, or autumn statement, before parliament\'s lower House of Commons on December 5. The update will be presented alongside the latest economic forecasts from the government\'s independent Office for Budget Responsibility (OBR). The OBR public spending watchdog has set the official borrowing target for the 2012/2013 financial year, which ends in March, at £120 billion. That compared with an official deficit of £121.4 billion in 2011/2012. However, analysts warn that the annual target is now looking increasingly unlikely -- and this could spark further deficit-slashing austerity measures from the Conservative-Liberal Democrat coalition government. \"October\'s UK public finance figures show that government borrowing is still running significantly above last year\'s levels,\" said Vicky Redwood, chief UK economist at the Capital Economics research consultancy. \"If the OBR assumes that this trend continues, it will have to revise up its forecast for this year from £120 billion to £130 billion. \"Even if the OBR assumes that the trend improves a bit, it will still be pretty touch and go whether the chancellor will be expected to meet his fiscal rules without increasing his austerity measures further,\" Redwood added.

arabstoday
arabstoday

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 uk public deficit climbs unexpectedly Arab Today, arab today uk public deficit climbs unexpectedly

 



Arab Today, arab today

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 uk public deficit climbs unexpectedly Arab Today, arab today uk public deficit climbs unexpectedly

 



Arab Today, arab today Designer Rania Adel reveals her new collection

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
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