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Public borrowing hits new record as cuts loom

first_img More From Our Partners Brave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.com whatsapp Show Comments ▼ John Dunne Wednesday 20 October 2010 4:51 am Public borrowing hits new record as cuts loom center_img Public borrowing hit a record high for a month of September, the Office for National Statistics, as chancellor George Osborne prepared to deliver an announcement of £80bn of spending cuts.The government’s preferred measure of borrowing, which excludes financial sector interventions, also hit its highest for a month of September since records began in 1993.The total public sector net debt as a percentage of GDP rose to a record 64.6 per cent, the highest for any month since records began in 1993.The government is likely to seize the figures as evidence of the urgent need for fiscal tightening, despite concerns from opposition politicians and some economists that it could tip Britain back into recession.The ONS said that public sector net borrowing rose to £15.607bn last month from £14.806bn a year ago versus economists’ expectations for a fall to £14.2bn.For the financial year to date, PSNB is running at £70.156bn, down from £75.145bn for the April-September period last year.Excluding financial sector interventions, September’s PSNB was 16.166 billion pounds, also higher than the same month last year.For the year to date, this came to £73.548bn compared to £77.376bn a year earlier, and the Office for Budget Responsibility forecasts it will hit £149bn his fiscal year. by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’Definitionthedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.com Share whatsapp Tags: NULLlast_img read more