This article is from the source 'guardian' 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.theguardian.com/business/2015/jul/21/government-borrowing-shows-june-fall
The article has changed 3 times. There is an RSS feed of changes available.
| Version 1 | Version 2 |
|---|---|
| Government borrowing falls in June | Government borrowing falls in June |
| (35 minutes later) | |
| British government borrowing last month fell by less than expected but was the lowest June figure for seven years, the latest sign that the pick-up in the economy is helping the public finances. | |
| Britain’s headline public borrowing fell to £9.4bn in June from £10.2bn a year earlier, the Office for National Statistics said on Tuesday. However, economists had forecast a figure of £8.5bn. | Britain’s headline public borrowing fell to £9.4bn in June from £10.2bn a year earlier, the Office for National Statistics said on Tuesday. However, economists had forecast a figure of £8.5bn. |
| For the first three months of the 2015/16 tax year, public sector net borrowing was £25.1bn, down nearly 20% on the April-June period of last year and its lowest for the same period since the 2008-09 financial year. | |
| Related: Business live blog: UK government borrowing falls | Related: Business live blog: UK government borrowing falls |
| The ONS said that income tax receipts in June rose by £300m to £11.5bn, the highest since records began in 1997. | The ONS said that income tax receipts in June rose by £300m to £11.5bn, the highest since records began in 1997. |
| Corporation tax was up nearly 14% at £1.7bn, also the highest amount on record. | Corporation tax was up nearly 14% at £1.7bn, also the highest amount on record. |
| George Osborne said at the budget this month that he was aiming to bring down the deficit in the current financial year to £69.5bn, or 3.7% of economic output, lower than his previous target. | George Osborne said at the budget this month that he was aiming to bring down the deficit in the current financial year to £69.5bn, or 3.7% of economic output, lower than his previous target. |
| In the 2014-15 financial year, the deficit stood at 4.9% of gross domestic product, half its level in 2010 when the coalition government came in but still bigger than in most other advanced economies. | In the 2014-15 financial year, the deficit stood at 4.9% of gross domestic product, half its level in 2010 when the coalition government came in but still bigger than in most other advanced economies. |
| The chancellor also used his post-election budget to set himself less challenging targets for the three years after the current financial year and he pushed back the date when Britain is scheduled to wipe out the deficit altogether until 2019-20. | The chancellor also used his post-election budget to set himself less challenging targets for the three years after the current financial year and he pushed back the date when Britain is scheduled to wipe out the deficit altogether until 2019-20. |
| Public sector net debt, excluding state-controlled banks, totalled £1.513tn in June – equivalent to 81.5% of GDP, the second highest ratio on record. | Public sector net debt, excluding state-controlled banks, totalled £1.513tn in June – equivalent to 81.5% of GDP, the second highest ratio on record. |
| The figure included the addition of £100m in debt relating to revisions at Network Rail. | The figure included the addition of £100m in debt relating to revisions at Network Rail. |
| Osborne is aiming to start bringing the ratio down in the 2015-16 financial year after it rose sharply following the financial crisis. | Osborne is aiming to start bringing the ratio down in the 2015-16 financial year after it rose sharply following the financial crisis. |