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Public sector net borrowing down

Public sector net borrowing down
Public borrowing has fallen to its lowest level since September 2008, new figures show.

Public sector net borrowing excluding bank bailouts fell to £12.8bn in September, compared to £13.5bn in the same month last year.

A Treasury spokesperson said: “Today’s data again shows government borrowing better than markets expected and lower than the same month last year.”

Treasury Secretary, David Gauke cautiously welcomed the figures, "There have been some encouraging economic figures this week. But clearly there is no room for complacency even with these numbers we are still borrowing historically a very large sum of money indeed."

But Shadow Chief Secretary to the Treasury Rachel Reeves insistedthe Government was still way off its borrowing target.

She said: "George Osborne’s borrowing plans are wildly off track. He has already had to revise his borrowing targets up by £150 billion over this parliament. And in the first six months of this year borrowing is over 4 per cent higher than in the same period last year."

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