Tuesday, 17 August 2010

UK Borrowing reached 14.5 Billion Pounds in June 2010

The UK Govt borrowed 14.5 Billion Pounds in June 2010, much higher than expected and only marginally down from the same amount a year ago. Even with large spending cuts the figures show that the UK Current budget deficit grew by 700 Million to reach 12,6 billion Pounds.

The Office for national statistics reported that the deficit figure was the highest recorded deficit figure ever for June.

The UK's net debt currently amounts to approximately 926.9 Billion Pounds which is almost equivalent to 63.9% of the UK's Gross Domestic Product, and other findings showed that UK was still deep in debt as total tax receipts rose by a mere 4% (weakest growth since Jan 2010)

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