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21/09/2010
UK Borrowing Hits Record For August
According to the Office for National Statistics (ONS), UK public sector borrowing has hit a record of £15.9bn for the month of August.
The growing number comes after higher inflation led to a rise in interest payments on index-linked government bonds.
However, receipts from taxes were still on the rise according to the ONS.
The figure means borrowing in the first five months of the financial year has reached £58.1bn.
This indicates a rise in the retail price index, which is used to set payments on index-linked bonds, meaning that interest payments almost trebled to £3.8bn last month, compared with £1.3bn in for August a year ago.
The prediction for 2010-11 is down from last year's total of £155bn, standing at £149bn.
The impact of financial interventions by the government, reducing overall borrowing due to profit contributions from the part-nationalised banks are excluded in the ONS figures.
(BMcN/BMcC)
The growing number comes after higher inflation led to a rise in interest payments on index-linked government bonds.
However, receipts from taxes were still on the rise according to the ONS.
The figure means borrowing in the first five months of the financial year has reached £58.1bn.
This indicates a rise in the retail price index, which is used to set payments on index-linked bonds, meaning that interest payments almost trebled to £3.8bn last month, compared with £1.3bn in for August a year ago.
The prediction for 2010-11 is down from last year's total of £155bn, standing at £149bn.
The impact of financial interventions by the government, reducing overall borrowing due to profit contributions from the part-nationalised banks are excluded in the ONS figures.
(BMcN/BMcC)
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UK's Unsecured Debt Being Repaid
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ONS Figures Show Rise In Yearly Govt Borrowing
New figures from the Office of National Statistics has revealed that government borrowing rose in 2012-13. Public sector borrowing rose by £300,000 for the same period a year previously, rising to £118.8bn. However, the rise has been noted due to the revising down by the ONS of the previous borrowing figure, by £2.4bn to £118.5bn.
ONS Figures Show Rise In Yearly Govt Borrowing
New figures from the Office of National Statistics has revealed that government borrowing rose in 2012-13. Public sector borrowing rose by £300,000 for the same period a year previously, rising to £118.8bn. However, the rise has been noted due to the revising down by the ONS of the previous borrowing figure, by £2.4bn to £118.5bn.
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Public Sector Borrowing Breaks Records
The UK's is living 'far beyond its means' with net borrowing which last month reached £14.8bn. Overall, the Government's net borrowing for the last six months stands at £77.3bn - the highest half-yearly figure since the Office for National Statistics (ONS) records began in 1946.
Public Sector Borrowing Breaks Records
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UK interest rates rise by 0.25%
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The Bank of England has raised interest rates by a quarter percentage point to 4.25% in an attempt to curb the British public’s spending boom. The increase, the third quarter-point rise the Bank’s Monetary Policy Committee (MPC) has made in the past seven months, will leave homeowners repaying £15 a month more on a £100,000 mortgage.
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Public Sector Borrowing 'Worse Than Expected'
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Public Sector Borrowing 'Worse Than Expected'
The UK is unlikely to hit its deficit reduction target in 2012-12 after the government borrowed much more than expected in October. The Office for National Statistics (ONS) has reported that UK public sector net borrowing, excluding financial interventions, hit £8.6bn in October, marking a sharp rise from the £5.9bn borrowed in October 2011.
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