Tax receipts slump pushes up borrowing

A fall in corporation tax receipts has been blamed for a surprise increase in government borrowing in July, reports Nick Huber.

Borrowing to cover the gap between spending and revenue was around £600m in July, figures from the Office for National Statistics showed. There was a surplus of £2.8bn in the same month a year earlier.

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Comments
johnjenkins's picture

It doesn't take

johnjenkins | | Permalink

rocket science to show you can only squeeze so much out of one orange, and Cleggy wants a bit more!!!!!!

John Major once said "in a time of reccession it is prudent to borrow" so why aren't banks lending?

ShirleyM's picture

Don't worry

ShirleyM | | Permalink

The country will have pots of money once the coalition has finished closing a load more hospitals (or significant parts of) and raked in even more pots of money by selling abroad the services of the remaining few.

johnjenkins's picture

The Coalition    1 thanks

johnjenkins | | Permalink

won't last that long. I give it 7 months max.