22 Oct 2014
According to the Office for National Statistics (ONS) public finances have suffered and borrowing increased more than economists had predicted.
In the first half of this fiscal year, borrowing totalled £58 billion, an increase of nearly 10% on the previous year. Borrowing for September alone reached £11.8 billion, up £1.6 billion on September 2013.
MP and Shadow Chief Secretary to the Treasury, Chris Leslie, said: ‘These figures are a serious blow to George Osborne. Not only is he set to break his promise to balance the books by next year, but borrowing in the first half of this year is now 10% higher than the same period last year. As the Office for Budget Responsibility said last week, stagnating wages and too many people in low-paid jobs are leading to more borrowing’.
A Treasury spokesman said: ‘We have seen stronger growth in receipts this month, but as today’s figures show, the impact of the great recession is still being felt in our economy and the public finances’.
‘We have to recognise that the UK is not immune to the problems being experienced in Europe and other parts of the world economy’.