U.K. Public Borrowing Hits Record for October

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U.K. Public Borrowing Hits Record for October

Submitted by editor on Thu, 11/19/2009 - 09:46

The U.K. government is likely to have to borrow even more than it planned this fiscal year, making the scale of the tax rises and spending cuts that will be needed to reduce its debt to manageable levels even greater, The Wall Street Journal reported. And in order to ensure that those efforts to hold onto the U.K.'s triple-A credit rating don't derail the hoped for economic recovery, the Bank of England is likely to keep its key interest rate at a record low for longer than other leading central banks. The Office for National Statistics reported Thursday that the public sector borrowed £11.4 billion ($19.08 billion) in October, the first deficit recorded for that month since records began in 1993. The figure was much larger than the £7 billion economists had expected. Government borrowing in the first seven months of the fiscal year ending March 2010 totaled £86.9 billion. That makes it very likely that the government will have to borrow more than the £175 billion it planned for in its March budget, with economists estimating the eventual figure would be between £195 billion and £215 billion. If it had been able to stick to its target, the government would have ended the year with a budget deficit equivalent to 12.4% of gross domestic product. Read more. (Subscription required.)

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U.K. Public Borrowing Hits Record for October

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