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| Government borrowing hits highest August level for five years | |
| (32 minutes later) | |
| UK government borrowing in August hit the highest level for the month in five years, according to the latest official figures. | |
| Borrowing - the difference between public spending and tax income - was £18bn in August, the Office for National Statistics (ONS) said. That was up £3.5bn from the same month last year and higher than analysts had been forecasting. | |
| The UK statistics body said that while tax and National Insurance receipts increased, they were outstripped by higher spending on public services, benefits and debt interest. | |
| Borrowing over the first five months of the financial year has now reached £83.8bn, the ONS said, which is up £16.2bn from the same period last year. | Borrowing over the first five months of the financial year has now reached £83.8bn, the ONS said, which is up £16.2bn from the same period last year. |
| The borrowing figure for August was higher than expected. The government's official forecaster, the Office for Budget Responsibility, had predicted £12.5bn while City analysts were expecting £12.8bn. | |
| Paul Dales, chief UK economist at Capital Economics, said the latest figures, "highlight the deteriorating nature of the public finances even though the economy hasn't been terribly weak". | |
| He added that this would contribute to the chancellor having to money in November's Budget, "mostly through higher taxes". |