christmas blow for osborne as borrowing rises

by:Powerful Toys     2019-08-31
George Osborne, Britain\'s chancellor, received an unwelcome Christmas gift, with official figures showing the public sector\'s finances unexpectedly deteriorated last month.
National Bureau of Statistics (ONS)
Say borrow-
Excluding the impact of bank bailouts -rose to £14.
2bn, November.
3bn rose in the same month last year.
Borrowing in fiscal year-to-date, at £66.
9bn, still below the same period of 2014/15 years, is now quickly approaching the target of 73 pounds.
Budget responsibility independent office expects 5bn from the end of the year to the end of the third quarter (OBR).
Paul Hollingsworth, UK economist at Capital Economics, said: \"In the UK public finance data in November, there was no cheering for the Chancellor.
\"In fact, it seems almost impossible for Mr Osborne to reach the OBR\'s forecast for the fiscal year as a whole.
\"The result is that unless there is a Christmas miracle, the Chancellor looks extremely unlikely to reach his loan forecast for this year.
James Knightley of ING Bank said, but \"The trend has improved significantly,\" and the 2015/16 target seems to have been missed by \"over 5bn.
The Chancellor\'s goal is to turn Britain\'s budget deficit into a surplus by the end of a decade.
This month\'s data is expected to show an improvement in lending from last year\'s £ 12.
But it got worse.
The loan in November 2014 was partially flattered by a pound.
Banks are fined for manipulating foreign exchange rates.
According to OBR, the latest monthly data has been affected --
It continues to expect that borrowing in the last four months of the year will fall sharply from the first eight months.
A Treasury spokesman said: \"In addition to these factors, we can see that our plan is working and government revenue is growing --
Strengthening income tax, VAT and VAT
Coast corporate tax
Shows the benefits of record levels of employment for economic growth.
But Labor\'s shadow chancellor, John McDonald, said Mr Osborne had failed to deliver on his promise to balance accounts in 2010.
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