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 Ã‚Â£77.3bn in the first six months of the fiscal year Ã¢â‚¬â€œ 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 Ã‚Â£14.8bn for September, the worst-ever reading for the month and up from a shortfall of Ã‚Â£8.7bn in September last year.
The government expects borrowing to total Ã‚Â£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.
This article 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 Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.