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Government borrowing falls by £6.6bn Government borrowing worst October figure in six years
(35 minutes later)
Government borrowing fell £6.6bn in the year to October compared with a year earlier, official figures show. Public sector net borrowing (PSNB) rose £1.1bn compared with the same month a year ago to £8.2bn, the Office for National Statistics (ONS) said.
Public sector net debt is £54.3bn for the year to date, the Office for National Statistics (ONS) said. The government has now borrowed £54.3bn so far this year and is making slow progress on reaching its annual target.
In March the Office for Budget Responsibility (OBR) forecast borrowing would be £69.5bn this yea, compared with £90.1bn last year. The Office for Budget Responsibility (OBR) forecast borrowing of £69.5bn against £90.1bn a year ago.
The latest borrowing figures come a week before the chancellor delivers his Autumn Statement. The Treasury said the figures showed the job of rebalancing the economic was " not yet done".
But in the month itself public sector net borrowing, excluding the money borrowed to rescue the UK's banking industry during the financial crisis, rose £1.1bn compared with the same month a year earlier to £8.2bn. It added that "government borrowing remains too high".
The borrowing figure is the worst October number for six years. But the ONS warned monthly figures remain volatile. It means the Chancellor George Osborne will need to restrict borrowing to just £15bn between now and April in order to meet his target.
In order to meet his £69.5bn borrowing target for this year Chancellor, George Osborne, will need to borrow just £15bn between now and April. an unlikely prospect which will raise expectations that the OBR will be forced to raise its forecast for government borrowing this year, next week. While not impossible - January usually sees a surplus thanks to an influx of self-assessment income tax receipts - it remains unlikely that the chancellor could meet his borrowing target without severe cuts at next week's Autumn Statement.
The latest figures also call into question Mr Osborne's ability to achieve his pledge of a balanced budget by 2019. The latest borrowing figures will raise expectations that the OBR will be forced to raise its forecast for government borrowing this year.
A Treasury spokesperson said the public sector finance figures show the job of rebalancing the economic was " not yet done" adding "government borrowing remains too high". Time?
Last month, economist, Vicky Redwood at Capital Economics said: "If the current trend continues, borrowing in 2015-16 as a whole will come in at about £78bn, much lower than 2014-15's total. Economists have for some time been warning the Treasury looked set to miss its target this year.
Last month, Vicky Redwood at Capital Economics said: "If the current trend continues, borrowing in 2015-16 as a whole will come in at about £78bn, much lower than 2014-15's total.
"Admittedly, this would be above the OBR's forecast... but there is still plenty of the fiscal year to go. So there's no need for the chancellor to panic yet.""Admittedly, this would be above the OBR's forecast... but there is still plenty of the fiscal year to go. So there's no need for the chancellor to panic yet."
Government borrowing in the 12 months to October stood at £70bn. The total national debt now stands at £1.5 trillion, or 80.5% of the UK's annual economic output Howard Archer chief UK and European economist at IHS Global Insight said: "George Osborne now has an almighty task to meet his fiscal targets for 2015/16.
" Indeed, if the pattern of the first seven months of the fiscal year continued, PSNB would amount to £80.3bn in 2015/16, which would mean that Mr. Osborne would overshoot by some £11bn the target of £69.5 billion contained in his July budget."
Government borrowing in the 12 months to October stood at £70bn taking the total national debt now to £1.5 trillion, or 80.5% of the UK's annual economic output