UK government borrowing hits record £77bn six-month high

The debate on current government spending continues as Conservatives and analysts demand a cut, but the policymakers are stating that the current numbers are in line with those forecasted and a cut now would not be a wise move.

Government borrowing reached a record high of £77.3bn in the first six months of the fiscal year – double the deficit for the same period last year, official data showed today.

The Office for National Statistics also said public sector net borrowing came in at £14.8bn for September, the worst-ever reading for the month and up from a shortfall of £8.7bn in September last year.

The government expects borrowing to total £175bn in the current fiscal year to next March, although there is growing speculation that the figures could be revised up by the chancellor, Alistair Darling, in his pre-budget report expected next month.

The Guardian

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