Public sector borrowing boost for George Osborne as strong growth cuts deficit
Tuesday 22 October 2013
Stronger growth is boosting tax receipts and making significant inroads into the UK’s deficit, official figures revealed today.
Public sector borrowing of £11.1 billion in September was lower than expected, and means that underlying deficit for the first half of the financial year so far stands at £56.7 billion, almost 10% below the same period last year.
This puts the Chancellor well on track to undershoot the Office for Budget Responsibility’s £119.8 billion borrowing forecasts for the current financial year, due to be updated in December’s Autumn Statement, reflecting far stronger economic growth so far this year.
The figures showed total current receipts of £281.5 billion for the year to date, compared with £260 billion last year. Capital Economics’ Martin Beck said: “Although the economic recovery has taken its time to come though in the fiscal numbers, September’s figures suggest that the public finances are now beginning to reap the rewards of a stronger economy.”
The UK’s total debt pile grew to £1.21 trillion although the first sale of the taxpayer stake in Lloyds Banking Group made a £600 million pinprick in the mountain.
Bank of England Deputy Governor Charlie Bean added to the cheer today as he said: “There are at last signs that a recovery may be gaining traction.” He added that banks were “well-placed” to provide the credit to support a recovery, although policymakers remain vigilant over the housing market.
- 1 Malaysia Airlines MH17 crash: Pro-Russian rebel 'admits to shooting down plane'
- 3 Israel-Gaza conflict: The myth of Hamas’s human shields
- 5 Dutch paedophile club to fight their ban at the European Court of Human Rights
Malaysia Airlines MH17 crash: Vladimir Putin is given 'one last chance' to end hostilities in Ukraine
The 'scroungers’ fight back: The welfare claimants battling to alter stereotypes
The truth about conspiracy theories is that some require considering
Malaysia Airlines MH17 crash: Ukrainian military jet was flying close to passenger plane before it was shot down, says Russian officer
Malaysia Airlines MH17 crash: Massive rise in sale of British arms to Russia
Malaysia Airlines MH17 crash: victims’ bodies bundled in black bags and loaded onto trains
iJobs Money & Business
£350 - £400 per day: Orgtel: PMO Analyst - Banking - London - £350 -£400 per d...
£300 - £350 per day + competitive: Orgtel: Cost Reporting Manager - MI Packs -...
£35000 - £40000 Per Annum plus 23 days holiday and pension scheme: Clearwater ...
£475 - £525 per day: Orgtel: Test Lead, London, Investment Banking, Technical ...