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.
Continued...
The full article is available to registered AccountingWEB members only. To read the rest of this article you’ll need to login or register.
Registration is FREE and allows you to view all content, ask questions, comment and much more.
Or if you are already registered, login here
Don't worry
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.
The Coalition 1 thanks
won't last that long. I give it 7 months max.
It doesn't take
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?