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Public borrowing up as tax receipts stay largely flat

Borrowing for April to September stands at £58 billion, 10% higher than for the same period in 2013/14.

Taxes on income and wealth for September of £13.1 billion were flat on the same month last year and just 0.6% ahead for the year to date.

Within this, revenues from income tax and capital gains tax rose 2.2% for the month and 0.1% for the year to date.

Blow for Osborne as public spending deficit widens

A squeeze on earnings growth was blamed for the widening deficit. Credit: PA

George Osborne suffered a fresh blow today as the latest official figures showed a widening hole in the public finances.

They showed borrowing for the month, excluding the effects of bank bail-outs, was £11.8 billion, which was 15.3%, or £1.6 billion, ahead of September last year.

It means that halfway through the financial year, the Treasury looks well behind the target for a 12% fall in the annual deficit expected by the independent Office for Budget Responsibility (OBR).


Osborne: Job is not done but our plan is working

Chancellor George Osborne wrote on Twitter following the "fastest fall in unemployment on record":

  1. Joel Hills

New tax rules for tech giants could affect UK firms too

The Chancellor didn't name names, but it is generally accepted he is talking about the likes of Google and Apple and Microsoft.

He is not happy with the way there are paying tax, and believes that British profits are being funneled abroad to places like Ireland, where they pay lower rates of tax, and sometimes further afield, where the rates of tax they pay is close to absolute zero.

Completely wrong, you may think, but all completely legal.

The OECD is in the process of trying to renew international tax law to come up with some sort of global consensus, but what is interesting about today is the Chancellor has clearly decided he is not going to wait.

He says there is hundreds of millions of pounds at stake, which makes it sound a bit like a one-way bet - it's not.

Remember we have our own global multinationals too. It may end up with the likes of Vodafone, BP and GSK paying less in Britain.


Osborne: Choice is between Cameron or Miliband

Conservative voters considering voting for Ukip face the reality of a choice between David Cameron or Ed Miliband, George Osborne has told Good Morning Britain.

The Chancellor said people may be looking for "easy answers" following the recent recession, but said the coalition's plan for the economy was working and would lure voters back.

Osborne: Boris Johnson 'is a Conservative star'

Boris Johnson is "a real Conservative star" who will be a welcome addition to the Tory team fighting the next general election, George Osborne has told Good Morning Britain.

Responding to polling indicating that the London mayor would be a more popular leader of the party than David Cameron, the Chancellor said: "We want the best team on the pitch. We want Boris as our striker on the pitch and that is what he is going to do under the leadership of David Cameron."

Osborne: 'Extraordinary' Miliband didn't mention deficit

Chancellor George Osborne has tweeted that Ed Miliband "didn't mention the deficit once" in his Labour party conference keynote speech.

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