Public sector borrowing up in June
The Office for National Statistics (ONS) released figures on Friday showing a rise in public sector borrowing in June.
U.S. banks said "quietly" borrowing $50 billion from FedThe ONS said that the public sector borrowed £15.459 billion in June, the highest amount since records began in 1984.
At the end of June public sector debt had reached 38.3 per cent of GDP, the highest since July 1999 when debt stood at 38.4 per cent. The figure takes the government closer to breaking one its fiscal rules to keep borrowing below 40 per cent of GDP.
According to the ONS public sector borrowing has increased due to lower government income and a continued rise in expenditure.
In the first quarter of the 2008/09 fiscal year public borrowing increased to £24.4 billion, the highest since 1946 when records began.
In the first quarter the current account deficit grew to £20.4 billion, again the highest since 1946.
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