Thursday, 21 September 2017

UK borrowing falls leaving Hammond wriggle room for Budget.

The UK Government borrowed less than expected in August, raising hopes that it may beat its forecasts for the year and give the Chancellor space to ease austerity measures in his November Budget.

Public sector borrowing in August was £5.7bn, far better than economists' more gloomy forecast of £7.1bn.

For the financial year to date, from April to August, borrowing was £200m lower than the year before, at £28.3bn. This was the lowest amount for the five-month period since 2007.

Spending watchdog the Office for Budget Responsibility has forecast that Government borrowing will reach £58.3bn for the year ending March 2018, but these latest figures from the Office for National Statistics suggest the UK may actually spend less.

By Anna Isaac.

Full story at Yahoo News.

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