The best regulated crypto exchange
Find out why?
50 BTC prize pool!
Get your share!
I'm in

UK public finances weaken in first half of tax year

By Ramla Soni

5.4 per cent rise in day-to-day Government spending on public services

British public borrowing rose more than a fifth in the first half of the tax year, figures from the Office for National Statistics (ONS) showed.

Public sector net borrowing (excluding public-sector banks) in September was £9.4 billion, up from £8.8bn in September 2018. This is the first September year-on-year borrowing increase for five years.

But looking at the six months since the start of the tax year in April, borrowing was £7.3bn more than the same period in 2018 at £40.3bn, the ONS said.

According to Reuters, the figures confirm signs that Britain’s Government is on course to miss its goal of keeping borrowing below 2 per cent of gross domestic product in 2020/21, due to increasing public spending and statistical revisions.

If Boris Johnson gets his way with Brexit, analysts at the UK In A Changing Europe think-tank suggest that weaker trade ties with the EU will damage Britain’s economy and reduce tax revenues by up to £49bn a year compared with staying in.

Meanwhile, debt at the end of September 2019 excluding the Bank of England (mainly quantitative easing) was £1,611.1bn or 72.2 per cent of GDP. This is an increase of £38.6bn, or a decrease of 0.5 percentage points compared to September 2018.

Like to share your thoughts and ideas about crypto and trading? You could join us as an external author. Email us on [email protected] to find out how you could become a Currency.com contributor.
Subscribe to Currency.com news
iMac Image
The most beautiful trading app
google play storeapple store
iPhone Image
iPhone Image