Tuesday 26 October 2010

September’s figures show Britain sinking deeper into debt.

Hours before George Osborne’s announcement of the massive spending cuts across the UK, figures revealed the UK borrowed over £16bn in September.

Although a rise of £0.7bn in comparison to the same month last year, it saw Britain’s net dept reach a total of £842.9bn. While the figure is still a decrease from September 2009, economists had predicted the amount to be lower.

IHS Global Insight Economist, Howard Archer said that although the increase in borrowing was disappointing, it was still a “modest” overall improvement for the financial year.

Archer also said: “The government will highlight this as a key reason to why there should be no delay in enacting measures to improve the public finances.”

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