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Government borrowing worst October figure in six years Government borrowing worst October figure in six years
(35 minutes later)
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 borrowing (PSNB) rose £1.1bn in October compared with the same month a year ago to £8.2bn, official figures show.
The government has now borrowed £54.3bn so far this year and is making slow progress on reaching its annual target. That is the highest level of borrowing in October in six years.
The Office for Budget Responsibility (OBR) forecast borrowing of £69.5bn against £90.1bn a year ago. The government has borrowed £54.3bn so far this year and is making slow progress on meeting the Office for Budget Responsibility's (OBR) forecast.
The Treasury said the figures showed the job of rebalancing the economic was " not yet done". These figures mean Chancellor George Osborne will need to restrict borrowing to just £15bn between now and April.
While not impossible - January usually sees a surplus thanks to an influx of self-assessment income tax receipts - it remains unlikely that the chancellor will meet the £69.5bn OBR forecast without severe cuts at next week's Autumn Statement.
The previous annual borrowing figure was £90.1bn.
The Treasury said the figures showed the job of rebalancing the economy was "not yet done".
It added that "government borrowing remains too high".It added that "government borrowing remains too high".
It means the Chancellor George Osborne will need to restrict borrowing to just £15bn between now and April in order to meet his target. Borrowing warnings
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. Many economists say the Treasury has no hope of meeting the OBR's forecast for this year.
The latest borrowing figures will raise expectations that the OBR will be forced to raise its forecast for government borrowing this year.
Time?
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."
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.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." "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."
Ruth Miller, UK economist at Capital Economics, is also forecasting borrowing this year of £80.3bn and says today's figures leave the Chancellor "with less room for manoeuvre" in next week's Autumn Statement.
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 outputGovernment 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