22 Nov 2012

Rise in UK debt in October

5:15 am on 22 November 2012

UK public sector net borrowing for October for the month of October to £8.6 billion.

The Office for National Statistics said on Wednesday that compared with £5.9 billion in October 2011.

AFP reports the data excludes the temporary effects of financial interventions such as bank bailouts.

Market expectations had been for public borrowing of £6 billion in October, according to analysts polled by Dow Jones Newswires.

The official borrowing target for the 2012/2013 financial year, which ends in March, is £120 billion, compared with an official deficit of £121.4 billion in 2011/2012.

Chancellor of the Exchequer George Osborne is due to present a budget update to the House of Commons on 5 December.