The most recent official figures show that the UK's public sector net borrowing reached over £11.4bn last month; significantly higher than had been expected bringing the total figure to £829.7bn (which includes £142bn for banking bail-outs).
The Office for National Statistics (ONS) has reported that public sector net debt as a percentage of gross domestic product (GDP) totalled 59.2% in October; the highest on record.
The Treasury has commented that the figure is still broadly in line with government forecasts of £175bn of borrowing this year stressing that tax receipts would improve as the economy recovered around the turn of the year and a cut in value-added tax was reversed..
But the Institute for Fiscal Studies has expressed concern that, with five months of the financial year left to run, there is every possibility that the UK will overshoot its £175bn forecast.
These official figures will be the last before the government’s Pre-Budget Report is delivered by the Chancellor on December 9th.
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24 July 2010