George Osborne on course to undershoot £120 billion borrowing target by more than £10 billion
Friday 20 September 2013
Chancellor George Osborne is on course to undershoot his £120 billion borrowing target by more than £10 billion this year as public finance figures showed Government departments getting a grip on spending last month.
August’s net borrowing of £13.2 billion was £1.3 billion below a year earlier. Stripping out one-off factors such as the transfer of the Royal Mail pension fund and Treasury proceeds from the Bank of England’s money-printing programme, the deficit in the first five months of the new financial year was £3.7 billion lower at £46.8 billion.
August saw a 2.2% fall in departmental spending, compared with a 1.4% rise in receipts over the month. Total current spending is still rising over the year so far but at a much slower rate than receipts. IHS Global Insight’s Howard Archer said: “If current trends were continued, underlying borrowing would come in at £107.2 billion in 2013-14, which is well below the target of £120 billion.”
- 2 Harry Potter fans can apply to the Hogwarts-inspired College of Wizardry
- 3 Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
- 4 Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
- 5 Orange Wednesdays are no more
Weather bomb in pictures: Storms cuts power for tens of thousands – and snow is on the way
Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
Russell Brand was rendered speechless on Question Time by this man
Fury at Airbus after it hints the super-jumbo may be mothballed
Disgruntled RBS worker writes hilarious open letter to Russell Brand after anti-capitalist publicity stunt leaves him hungry
Nigel Farage defends Kerry Smith 'ch***y' comment: 'If you are going for a Chinese, what do you say you’re going for?'
Nigel Farage's approval rating hits 'record low' as popularity suffers in wake of Ukip sex scandal
Rozanne Duncan: Ukip expels councillor for 'jaw-dropping' comments made in BBC TV interview
Sony hack: Angelina Jolie branded 'seriously out of her mind' in further embarrassing leaked email saga
Panic Saturday: 13 million Britons spend £1.2bn – while 13 million others across the country live in poverty unable to afford food
iJobs Money & Business
£43500 per annum + pension + holidays: The Jenrick Group: Night Shift Operatio...
£20000 - £25000 per annum + OTE £40,000 + Car + Pension: SThree: SThree are a ...
£20000 - £25000 per annum + OTE £35K: SThree: We consistently strive to be the...
£20000 - £25000 per annum + OTE £35000: SThree: SThree are a global FTSE 250 b...