This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/business-25030293
The article has changed 4 times. There is an RSS feed of changes available.
| Version 1 | Version 2 |
|---|---|
| UK public finances improve in October as economy grows | UK public finances improve in October as economy grows |
| (35 minutes later) | |
| The UK's public finances improved in October, as a recovering economy and housing market boosted tax revenues. | The UK's public finances improved in October, as a recovering economy and housing market boosted tax revenues. |
| Borrowing, excluding the cost of interventions such as bank bailouts, fell to £8.08bn in October, down from £8.24bn in the same month last year, the Office for National Statistics (ONS) said. | Borrowing, excluding the cost of interventions such as bank bailouts, fell to £8.08bn in October, down from £8.24bn in the same month last year, the Office for National Statistics (ONS) said. |
| The fall came despite the £2bn of shares sold in the flotation of Royal Mail not being included in the figures. | The fall came despite the £2bn of shares sold in the flotation of Royal Mail not being included in the figures. |
| Total net public debt rose to £1.207tn. | Total net public debt rose to £1.207tn. |
| This takes net public debt to 75.4% of gross domestic product (GDP), the highest percentage for the month of October on record. | This takes net public debt to 75.4% of gross domestic product (GDP), the highest percentage for the month of October on record. |
| 'Falling living standards' | |
| Responding to the data, a Treasury spokesman said: "Britain's hard work is paying off, the government's long term economic plan is working, and the deficit is down by a third. | |
| "But today's figures remind us that the job is far from done and a growing economy alone will not be enough to eliminate the deficit." | |
| The Treasury will continue to bear down on public spending, he added. | |
| But Chris Leslie MP, Labour's shadow chief secretary to the Treasury, said: "David Cameron and George Osborne have now borrowed more in the three years since May 2010 than Labour did over 13 years. | |
| "This is the cost of their economic failure and the three damaging years of flatlining and falling living standards we have seen since the election." | |
| Boost | Boost |
| The government's target is to keep the 2013-14 public sector net borrowing requirement at £120bn or below, representing about 7.5% of GDP. | The government's target is to keep the 2013-14 public sector net borrowing requirement at £120bn or below, representing about 7.5% of GDP. |
| Seven months into the current 2013-14 tax year, the deficit, excluding the cost of bailouts and the effect of the Royal Mail pension transfer, was £64.8bn, down 8.2% compared to the same period last year. | Seven months into the current 2013-14 tax year, the deficit, excluding the cost of bailouts and the effect of the Royal Mail pension transfer, was £64.8bn, down 8.2% compared to the same period last year. |
| The government's target should be easily achieved, with a final borrowing figure for 2013-14 of £105bn based on current projections. | |
| In October, central government receipts reached £48.7bn, 3.2% higher than in the same month last year, as the recovering housing market helped to boost stamp duties by nearly 46%. | In October, central government receipts reached £48.7bn, 3.2% higher than in the same month last year, as the recovering housing market helped to boost stamp duties by nearly 46%. |
| Howard Archer, chief UK and European economist at IHS Global Insight, said: "The October public finance data show further underlying improvement compared to a year ago, thereby providing more support to Chancellor George Osborne as he prepares his Autumn Statement for delivery on 5 December. | Howard Archer, chief UK and European economist at IHS Global Insight, said: "The October public finance data show further underlying improvement compared to a year ago, thereby providing more support to Chancellor George Osborne as he prepares his Autumn Statement for delivery on 5 December. |
| "Indeed, the chancellor must be feeling an awful lot happier about life now than when he was preparing his Autumn Statement last year." | "Indeed, the chancellor must be feeling an awful lot happier about life now than when he was preparing his Autumn Statement last year." |
| But David Kern, chief economist at the British Chambers of Commerce (BCC), said: "While improvements may be partly down to the faster rate of economic growth, the pace of [deficit] reduction remains modest. | |
| "Corporation tax receipts were lower than at the same point in 2012, and the job of repairing our public finances is still a major challenge." |