Public sector net borrowing 'highest ever'

Thursday 19th November 2009

Public net sector borrowing reached its highest level since records began in 1993, official figures have shown.

Borrowing reached £11.42 billion in October, much higher than forecasters had predicted, with public sector net debt as a percentage of gross domestic product (GDP) reaching 59.2 per cent.

By the end of last month, public sector net debt stood at £829.7 billion, including £142 billion as a result of bank bail-outs.

However, the Treasury has said the figures out today are in line with government forecasts.

October is traditionally a strong month for corporation tax receipts.

Unemployment is still rising, although at a slower rate, and recent figures show there are now 2.46 million people without a job in the UK. ADNFCR-1783-ID-19468533-ADNFCR

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