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UK government borrowing falls in December UK government borrowing falls in December
(35 minutes later)
The government borrowed £7.5bn in December, £4.3bn lower than the year before, official figures show.The government borrowed £7.5bn in December, £4.3bn lower than the year before, official figures show.
The figure takes borrowing for the financial year to date to £74.2bn, £11bn lower than at this point in 2014.The figure takes borrowing for the financial year to date to £74.2bn, £11bn lower than at this point in 2014.
However, the running total is already above the £68.9bn forecast for the whole fiscal year by the independent Office for Budget Responsibility. The running total is already above the £68.9bn forecast for the whole fiscal year by the independent Office for Budget Responsibility.
But the borrowing figure is set to fall back in January as a large number of tax bills are paid then. However, the borrowing figure is set to fall back in January as a large number of tax bills are paid then.
In the 2014-15 financial year, borrowing was £90.1bn.In the 2014-15 financial year, borrowing was £90.1bn.
Total public sector net debt - excluding support for public sector banks- was £1.54bn, or 81.0% of GDP. The latest borrowing figures mean total public sector net debt - excluding support for public sector banks - is now £1.54bn, or 81.0% of GDP.
Chancellor George Osborne's overall plan is to eliminate the annual gap between government spending and revenue by the end of this decade.Chancellor George Osborne's overall plan is to eliminate the annual gap between government spending and revenue by the end of this decade.
But both October and November's monthly borrowing figures have been higher than expected, leading some economists to doubt that the chancellor will be able to meet the OBR's forecast for the current financial year. Target
Both October and November's monthly borrowing figures had been higher than expected, leading some economists to doubt that the OBR's borrowing forecast for the current financial year would be met.
This December's figure was lower than last year partly because last year the UK made a one-off payment to the European Union to reflect revised estimates to gross national income.
Paul Hollingsworth, UK economist at analysts Capital Economics said the chancellor still looked likely to miss the OBR's target: "Today's figures left the cumulative borrowing total for the fiscal year so far at £74.2bn, above the OBR's forecast of £68.9bn for the fiscal year as a whole.
"Granted, January typically sees a big surplus which should bring the total closer to this estimate. But borrowing still looks likely to overshoot the target this year, possibly by as much as £10.0bn."