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| Version 1 | Version 2 |
|---|---|
| Public sector borrowing soaring | Public sector borrowing soaring |
| (20 minutes later) | |
| The's UK public sector net borrowing totalled £8bn last month, the first July deficit for 13 years, official figures have shown. | The's UK public sector net borrowing totalled £8bn last month, the first July deficit for 13 years, official figures have shown. |
| The figure was much worse than the £500m deficit expected by analysts, and comes as the recession continues to reduce the government's tax returns. | The figure was much worse than the £500m deficit expected by analysts, and comes as the recession continues to reduce the government's tax returns. |
| July is typically a month of surplus, due to corporate tax payments. | July is typically a month of surplus, due to corporate tax payments. |
| In April's budget, the Chancellor, Alistair Darling, forecast that borrowing this year would reach £175bn. | |
| 'Caused by recession' | 'Caused by recession' |
| The Treasury said in a statement that the the large deficit in July was expected, and caused by the recession. | The Treasury said in a statement that the the large deficit in July was expected, and caused by the recession. |
| "In the first half of the year the whole world was in a steep recession and that affected the public finances here in the UK," said a Treasury spokesman. | "In the first half of the year the whole world was in a steep recession and that affected the public finances here in the UK," said a Treasury spokesman. |
| In July of last year, the public sector finances posted a surplus of £5.2bn. | In July of last year, the public sector finances posted a surplus of £5.2bn. |
| Last month's deficit was the first in July since 1996, and the largest for that month since at least 1993. | Last month's deficit was the first in July since 1996, and the largest for that month since at least 1993. |