The City roundup video: Government blame EU payments for higher than forecast borrowing

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Public borrowing in December was higher than forecast, new figures reveal today, with the Treasury blaming a unexpected, one-off payment to the EU. The Government borrowed £13.1 billion in December, compared to £10.3 billion in December 2013. Much of the difference was down to a £2.9 billion payment to Brussels the Government were forced to pay, after the European Union realised it had underestimated the size of the UK economy for almost a decade.

Meanwhile on the continent, the European Central Bank is expected to today announce plans to pump cash into Europe’s faltering economies in a bid to boost growth. As much as €50 billion a month could be spent on buying up debt as it hopes to get Governments and companies spending.