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| Version 3 | Version 4 |
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| Rise in public sector borrowing | Rise in public sector borrowing |
| (about 2 hours 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 government forecasts that borrowing would hit £175bn this year, it said. | The figures were still broadly in line with government forecasts that borrowing would hit £175bn this year, it said. |
| But according to Gemma Tetlow, a senior research economist at the Institute for Fiscal Studies, it is too early for the government to make any firm predictions. | |
| "With five months of the financial year left to run, there remains considerable uncertainty about the final outcome," she said. | |
| Jobless spending | Jobless spending |
| The figures are the last to be released before chancellor Alistair Darling delivers his Pre Budget Report on 9 December. | |
| At the end of October, public sector net debt stood at £829.7bn, which includes about £142bn as a result of banking bail-outs. | |
| 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. |
| The recession has continued to take its toll on tax revenues and push up social security spending. | The recession has continued to take its toll on tax revenues and push up social security spending. |
| Unemployment is still rising, although at a slower rate, leading to a lower tax intake. | Unemployment is still rising, although at a slower rate, leading to a lower tax intake. |
| Recent figures show there are now 2.46 million people without a job in the UK. | Recent figures show there are now 2.46 million people without a job in the UK. |