Government borrowing figures worst for any October since 2009
Public sector net borrowing increased by £1.1 billion compared to that of October 2014
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.UK public sector net borrowing figures were the worst for any October since 2009, official figures show.
Public sector net borrowing increased by £1.1bn compared to that of October 2014 and is the highest it has been in six years.
The Chancellor George Osborne’s target of having the budget deficit at £69.5bn this year is unlikely to be achieved with figures at the end of October standing at £54.3bn.
Under the current proposals the Government has £15.2bn to spend from November through to March.
The last time borrowing figures were higher was in October 2009 when the economy was in recession.
Net government debt has also increased to £1.5tn, up by £70.4bn from October of last year.
Mr Osborne will set out plans to achieve a budget surplus by 2019/20 at next Wednesday’s Autumn Statement and Spending Review where he will publish updated budget forecasts.
The Chancellor will also detail how government departments will cut spending by £20bn over the next four years and is also expected to outline his latest tax credit plans.
Labour party leader Jeremy Corbyn is almost certain to oppose the plans after calling for more public investment during his leadership campaign.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments