Public sector debt passes the trillion mark

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

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Public borrowing rises

Public sector net borrowing has risen by more than expected, by £2.7 billion to £8.6 billion in October. And public sector net debt has now passed the trillion mark; it now stands at £1.1 trillion