UK public finances show improvement
Britain’s Public Sector Net Borrowing came in at £11.072bn, beating forecasts of £11.2bn and showing an improvement from last year’s £12.067bn, the ONS revealed.
According to the latest release from the Office for National Statistics (ONS), the UK borrowed less than expected in September, thanks to an increase in tax revenues.
The report also showed that central government accrued current receipts rose to £44.8bn, up £2.9bn or 7% compared with September 2012.
However, the ONS explained: “The higher receipts in September 2013 (compared with September 2012) came from taxes on production and taxes on income and wealth. However, the relatively large increases seen in taxes on income and wealth have been affected by monthly volatility. These are related to timing effects which offset the falls seen in August. “
The ONS also revealed that Britain’s ‘underlying’ Public Sector Net Borrowing has reached £56.7bn since the beginning of April, which is 9.4% lower than a year ago.