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| UK borrowing less than expected in August | |
| (35 minutes later) | |
| The government borrowed less than expected in August, official figures show, helped by a fall in spending by government departments. | The government borrowed less than expected in August, official figures show, helped by a fall in spending by government departments. |
| Public sector borrowing for the month was £13.2bn, the Office for National Statistics (ONS) said, lower than the £14.4bn recorded in August 2012. | Public sector borrowing for the month was £13.2bn, the Office for National Statistics (ONS) said, lower than the £14.4bn recorded in August 2012. |
| The UK's net public debt pile stands at £1.19 trillion, which is equivalent to 74.6% of GDP. | The UK's net public debt pile stands at £1.19 trillion, which is equivalent to 74.6% of GDP. |
| The government is aiming for a deficit of no more than £120bn this year. | The government is aiming for a deficit of no more than £120bn this year. |
| Efforts to reduce UK borrowing and cut the country's debts are central to the government's economic policies. | Efforts to reduce UK borrowing and cut the country's debts are central to the government's economic policies. |
| Chancellor George Osborne has faced criticism as the deficit reduction plan has stalled, thanks to weak economic growth. | Chancellor George Osborne has faced criticism as the deficit reduction plan has stalled, thanks to weak economic growth. |
| The government hopes that a recovery in the economy will boost tax receipts, helping it meet its borrowing targets. | The government hopes that a recovery in the economy will boost tax receipts, helping it meet its borrowing targets. |
| According to the ONS, tax revenues so far this tax year have been 2.8% higher than the same period of 2012. | According to the ONS, tax revenues so far this tax year have been 2.8% higher than the same period of 2012. |
| The UK economy grew by 0.7% in the second quarter of this year, and is widely forecast to continue growing for the rest of the year. | |
| The August figures also suggest the public sector finances were being helped by the government's austerity measures. | |
| Total spending by central government - excluding investment - fell by 2.2%, led by a sharp drop in departmental spending. |