UK Sees Worst October for Government Borrowing Since 2009

British public finances recorded the worst deficit for any October since 2009, making it more likely Chancellor George Osborne will miss his annual borrowing target, as he prepares for a major spending review next week.

Official data on Friday showed Britain’s headline public borrowing rose to 8.2 billion pounds in October from 7.1 billion pounds a year earlier, higher than all forecasts in a Reuters poll that predicted borrowing of only 6.0 billion pounds.

While government borrowing in the current 2015/16 financial year is 11 percent less than it was at the same point in 2014, progress has been slower than Osborne might have hoped.

Economists said the figures made it more likely that the Office for Budget Responsibility will bump up its forecast for government borrowing this fiscal year, when Osborne outlines his comprehensive spending review next Wednesday.

Reuters

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.