UK Debt Continues To Rise As Public Borrowing Soars In September

Fri, 23 Oct 2009

Britain's public sector borrowing hit a record high of £14.8 billion in September, according to new data from the Office of National Statistics (ONS).

The debt figure is the highest ever deficit recorded for the month and almost double last year’s figure of £8.7 billion, but still lower than analysts’ forecasts.

The ONS data revealed that net borrowing for the six months to September reached £77.3 billion, the highest April-September level on record and almost half the £175 billion that the Government estimated in April for the full year.

As a result, the UK’s overall net debt now stands at £824.8 billion, equal to 59 per cent of Gross Domestic Product (GDP). The ONS said the figure includes the £142 billion used to bail out the country's banking system.

Commenting on the figures, Liberal Democrat treasury spokesperson, Vince Cable said: "With record borrowing in September and national debt now at almost 60 per cent, it is clear that at the very least we are on course to hit borrowing of £175 billion this year."

"With public borrowing continuing to soar the government needs a credible plan as to how it will restore the health of the public finances ."

He added: "The government must clearly identify what spending it intends to cut to bring the deficit under control otherwise it will have to be assumed it intends to squeeze budgets across the public sector hurting vital public services."
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