The total of the UK’s public sector borrowing in October has fallen by £1.2 billion since this time last year, according to a report by the Office of National Statistics (ONS).
Borrowing fell to £6.5 billion, down from £7.7 billion in October 2010.
It had been widely forecast by economists that borrowing would be approximately £6.8 billion, so the news will come as a slight relief to the government ahead of the Chancellor’s Autumn Statement next week.
The report by the ONS also showed borrowing figures for the period between April and September had been revised downwards by £1.7 billion.
Total lending for the financial year (since April) was now at £68.3 billion, keeping it largely in line with the coalition government’s target of £122 billion for the financial year.
But with weakening growth in the UK, some fear it could merely be a ‘calm before the storm’ as the impact of the poorer economic climate takes a little while to hit.
Funding solutions for SMEs
Here at Skipton Business Finance, we have funds available to support the UK's small businesses, SMEs and owner-managed businesses.
Our invoice finance solutions, which include invoice factoring and invoice discounting facilities, help businesses release the cash tied up in unpaid invoices, facilitating increased cashflow and confidence, especially at times when cost pressures are being felt.
If you're the owner of a business in need of a cashflow boost, why not give us a call today to see what we can offer you.
As Skipton Business Finance is owned by a building society and not a high street bank, it means that the invoice finance solutions we provide, such as invoice factoring and invoice discounting, are set up in a completely different way to our competitors....