Friday, 21 September 2018

Government borrowing jumps to £6.8bn in August, the Office for National Statistics said

Government borrowing rose by more than expected last month following subdued tax receipts and an increase in expenditure.

Borrowing jumped to £6.75bn last month from £4.35bn a year earlier, the Office for National Statistics said.

It was the first year-on-year rise in borrowing in August for three years.

However, borrowing for the year to date is 30.5% lower at £17.8bn, potentially giving Chancellor Philip Hammond room for manoeuvre in the Budget.

Economists had expected borrowing to be about £3.4bn last month.
Tax receipts rose by 1.6% last month from a year ago, while spending rose 5.4%.

Andrew Wishart from Capital Economics, said: "The worse outturn was due to higher spending than last year. In particular, departmental spending picked up."

BBC      News.

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