Tax Receipts Ease Public Borrowing
Friday, August 20, 2010 17:12Thanks to the stronger corporate tax receipts, it is revealed that the public borrowing rose less in July than 2009.
The news offers a sign that the UK’s finances are improving as the government prepares for its spending review this fall. As a result, the net borrowing was GBP 3.8 billion in July, which well down on the GBP 6.1 billion of borrowing in the same month in 2009. In the financial year to date, the net borrowing was GBP 44.9 billion, compared to the GBP 47.5 billion 2009/10.
Though it is just four months into the 2010/11 tax year, if borrowing its current pace, the deficit would be on course to undershoot the Budget forecast of GBP 149 billion. Some City economists are predicting a figure as low as GBP 136 billion, but it would still be close to a postwar record deficit.
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