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 Nigel Farage: Me vs Russell Brand on Question Time – he's got the chest hair but where are his ideas?
- 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
Pakistan school attack live: Taliban kill at least 132 children in 'horrifying' massacre
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
$200 - $350 per annum: Carlton Senior Appointments: Managing Producer Office...
$125 - $225 per annum: Carlton Senior Appointments: San Fran - Investment Advi...
Up to £70,000 per annum + benefits: Sheridan Maine: Are you a qualified accoun...
Up to £65,000 per annum + benefits: Sheridan Maine: Are you a qualified accoun...