Public Borrowing Hits £14.4bn In June

Posted 20/07/2012
Written by Robert Parkin

Government borrowing was £14.4bn last month, up from a £13.9bn the previous year and significantly higher than the £13.3bn that had been expected.

Tax revenues increased by 3.6% to £40.9bn but total Government spending only fell by less than 1% to £52.4bn, according to the Office for National Statistics (ONS).

Income tax was down 0.1% to £10.8bn in June as benefits payouts, including unemployment claims, rose 3.2% to £15.4bn.

Net debt excluding financial interventions now stands at £1.04tn, up from £944.6bn in June 2011. Debt as a percentage of GDP is now 66.1%.

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