UK Government Borrowing Falls in September

October 22, 2013 Share Print 0

Government borrowing fell in September, official figures show, helped by higher tax revenues.

Public sector net borrowing, excluding the cost of interventions such as bank bailouts, was £11.1bn, the Office for National Statistics (ONS) said.

The figure is lower than the £12.1bn recorded in September 2012.

The UK’s net public debt pile stands at £1.21 trillion, which is equivalent to 75.9% of GDP.

The government is aiming for a deficit of no more than £120bn this year, excluding the effect of cash transfers from Royal Mail and the Bank of England.

For the first half of the current tax year, the deficit on this measure totalled £56.7bn, down more than 9% compared with the same period a year previously.

via BBC

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Alfonso Esparza

Senior Currency Analyst at Market Pulse

Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.