Details of the October 2015 UK Public sector net borrowing data report 20 November 2015
- Prior 8.6bn. Revised to 8.3bn
- PSNB- ex-financials 8.2bn vs 6.0bn exp. Prior 9.4bn. Revised to 9.1bn
- PSNCR -4.0bn vs +17.9bn prior. Revised to +15.4bn
- Central government NCR -0.1bn vs +21.5bn prior. Revised to +21.6bn
Government spending was higher than income this month but revenues from income tax and VAT were up 3.4% & 2.0% respectively y/y. Corp taxes fell 1.1%
On the main numbers, it's the worst deficit since 2009. Georgie boy will be facing some stiff questions after this. Most of the borrowing went to cover health, education and defence
Government now owes £1.5tn to the private sector or 80.5% of GDP
The Chancellor had better hope that he starts getting some increased taxes from all the wage rises ;-)