UK Public Sector Borrowing Drops in July
Sector: Banking & Finance
19th August 2010
The level of new public sector borrowing in July was £3.8bn, according to the Office for National Statistics (ONS). It is well down on the £6.1bn borrowed in July last year and brings the total so far this financial year to £44.9bn, below last year's £47.5bn. The figure, which highlights the gap between tax receipts and spending, shows some signs of economic recovery. The tax take rose by 10.5% to £49.7bn, the best July since 2008. July's figures are usually boosted by corporation tax and VAT receipts, although the recession forced the UK to borrow during the month for the first time in 13 years in 2009.
The forecast for borrowing for 2010-11 is £149bn, down from the £155bn borrowed in 2009-10. The ONS figures exclude the impact of financial interventions by the government, which reduce overall borrowing because of profit contributions from the part-nationalised banks.
Source: BBC News
News Archive
27th October 2011
Visa profits jump 14pc as Consumers opt for Plastic
Visa's fourth-quarter profit rose 14pc, as cardhol...
30th September 2011
NBNK bids £1.5bn for Lloyds Branches Despite Cost of Credit
Lloyds Banking Group's attempt to drum up a compet...
20th September 2011
UBS under Pressure to Hive off parts of Business following Rogue Trader
Pressure is growing on UBS to hive off parts of it...