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UK public finances boosted by 4G sales | UK public finances boosted by 4G sales |
(35 minutes later) | |
The UK's public finances have been boosted in February by proceeds from the 4G mobile licences auction and another payment from the central bank. | The UK's public finances have been boosted in February by proceeds from the 4G mobile licences auction and another payment from the central bank. |
The country's budget deficit is now at its lowest in five years. | |
The Office for National Statistics (ONS) said public sector net borrowing, excluding interventions such as bank bailouts, fell to £2.8bn last month from £11.8bn a year earlier. | The Office for National Statistics (ONS) said public sector net borrowing, excluding interventions such as bank bailouts, fell to £2.8bn last month from £11.8bn a year earlier. |
It comes a day after Chancellor George Osborne's fourth Budget. | It comes a day after Chancellor George Osborne's fourth Budget. |
On Wednesday, Mr Osborne revealed he will have borrow £60bn more over the next five years than he had hoped, as he was forced to slash growth forecasts. | |
National debt | |
By arrangement, interest that the Bank of England earns on holding government debt as a result of its so-called quantitative easing programme is transferred back to the Treasury. | |
Public borrowing was reduced by £2.7bn of cash transfers as a result of that and by £2.3bn from the 4G spectrum auction, the ONS said. | |
The amount raised by the auction was £1bn less than expected by the Office for Budget Responsibility. | |
Public sector net debt is now about 73.5% of GDP, the ONS said. | |
In his Budget address, the chancellor said on Wednesday that the UK's national debt will rise to 85% of GDP and not start coming down until 2017/18 - two years later than predicted when the government came to power. | |
Mr Osborne admitted it was taking longer than expected, but insisted: "We are, slowly but surely, fixing our country's economic problems." |