Government Borrowing Up 20pc in 6 Months

Published / Last Updated on 21/10/2019

Official figures release by the Office for National Statistics (ONS) for the first half of 2019 have shown government borrowing is up.

In the first half of 2018 government borrowing was up £7.4 billion to £40.3 billion compared to the same period this year.

September 2019’s figure of £9.4 billion was a lower figure than expected but still up from £8.8 billion in September 2018.

The Chancellor Sajid Javid, in his planned November Budget statement, has already promised rises in spending, but chief economist John Hawksworth, fears todays figures see UK’s public finances going into the red.

The Office for National Statistics (ONS) said “The rise is due to seasonal payments £2 billion on winder fuel and £2.7 billion in student loans being written off, both these are recorded in September’s figures.

Comment

It is to be expected with Brexit slowdown, tax revenue slowdown and greater public spending that borring is up.

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