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| Version 1 | Version 2 |
|---|---|
| Rise in public sector borrowing | Rise in public sector borrowing |
| (10 minutes later) | |
| The UK's public sector net borrowing reached £11.42bn last month, official figures have shown. | The UK's public sector net borrowing reached £11.42bn last month, official figures have shown. |
| The figure was the highest for the month of October since records began in 1993 and was much higher than economists had expected. | The figure was the highest for the month of October since records began in 1993 and was much higher than economists had expected. |
| The ONS said public sector net debt as a percentage of gross domestic product (GDP) totalled 59.2% in October, also the highest since records began. | The ONS said public sector net debt as a percentage of gross domestic product (GDP) totalled 59.2% in October, also the highest since records began. |
| The Treasury said it expected the figures to start improving soon. | The Treasury said it expected the figures to start improving soon. |
| The figures were still broadly in line with the government's forecasts for borrowing to hit £175bn this year, it said. | The figures were still broadly in line with the government's forecasts for borrowing to hit £175bn this year, it said. |
| The government also stressed that tax receipts would improve as the economy recovered around the turn of the year and a cut in value-added tax was reversed. | The government also stressed that tax receipts would improve as the economy recovered around the turn of the year and a cut in value-added tax was reversed. |
| October is normally a strong month for corporation tax receipts, but these have been hit hard by the recession. | October is normally a strong month for corporation tax receipts, but these have been hit hard by the recession. |
| In the first seven months of this year, public sector borrowing has come in at £87bn, as against £34bn in the same period of 2008. | In the first seven months of this year, public sector borrowing has come in at £87bn, as against £34bn in the same period of 2008. |