UK public borrowing decreases more than expected in October

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.

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