- 5 updates
In October Government spending continued to outstrip the amount of money it received in tax:
- Total tax receipts were 1.8% higher at £47.5 billion, but total expenditure rose 7.4% to £52.8 billion
- Tax revenues were dragged down by a drop in corporation tax, which fell 9.5% to £8.1 billion
- Spending on social benefits, such as state pensions, jumped 7.7% to £16 billion
- Public sector net debt now stands at £1.1 trillion
Figures from the Office for National Statistics show:
- Debt is currently £1068.8bn
- 67.9% of Britain's GDP
Government borrowing rose by £2.7 billion to £8.6 billion in October. Today's figures from the Office for National Statistics are the last set before the Chancellor's Autumn Statement.
They are crucial in indicating whether or not George Osborne will need to introduce further austerity measures to bring down Britain's debt and stick to the target.
Latest ITV News reports
Public sector net borrowing has risen by more than expected, to £8.6 billion in October, adding pressure on Chancellor George Osborne.