World Economy

UK Gov’t Borrowing Falls

UK Gov’t Borrowing FallsUK Gov’t Borrowing Falls

UK Government borrowing fell in the first six months of the financial year, official figures have shown, BBC reported. Public sector net borrowing excluding public sector banks was £46.3 billion between April and September, down £7.5 billion, or 13.9%, from a year earlier, the Office for National Statistics (ONS) reported. In September, borrowing was £9.4 billion, down £1.6 billion from a year earlier. In July, the Office for Budget Responsibility forecast the figure for the whole year would be £69.5 billion. That would be down 22.9% from the estimate of £89.2 billion from 2014-15. There was good news for the chancellor, as August’s borrowing figure was revised down by £500m and July’s was lowered by £2.5 billion, although the figures for April and May both increased by £800m.