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UK public sector borrowing rises slightly in December UK public sector borrowing rises slightly in December
(35 minutes later)
The government borrowed slightly more than expected in December, fuelling fears that the UK could lose its coveted AAA credit rating.The government borrowed slightly more than expected in December, fuelling fears that the UK could lose its coveted AAA credit rating.
UK public sector net borrowing, excluding financial interventions, hit £15.4bn in December, the Office for National Statistics (ONS) said.UK public sector net borrowing, excluding financial interventions, hit £15.4bn in December, the Office for National Statistics (ONS) said.
The marked a small rise from the £14.8bn borrowed in December 2011. That marked a small rise from the £14.8bn borrowed in December 2011.
The headline figure was slightly worse than expected - analysts had forecast borrowing of £15.2bn.The headline figure was slightly worse than expected - analysts had forecast borrowing of £15.2bn.
"The recent poor public finance data are fuelling high and mounting expectations that at least one of the credit rating agencies will strip the UK of its AAA rating within the next few months," said Howard Archer, chief UK and European economist at IHS Global Insight. December's figure takes total borrowing so far this financial year, excluding a transfer of Royal Mail pension assets, to £106.5bn, some £7.2bn more than for the same period in 2011.
Investec economist Philip Shaw said he still expected the deficit to overshoot the Office for Budget Responsibility's forecasts from the Autumn Statement last year.
"There are no signs of progress in the public finances," he added.
Negative outlook
The data showed that government receipts rose 3.6%, while spending grew 5.4% in December compared with a year ago.
The broader public sector net borrowing measure - which includes the cost of bailing out the UK's banks - rose to £13.2bn in December from £12.6bn a year ago.
The UK's total public sector net debt, excluding the cost of bank support, is now £1.11 trillion, or 70.7% of GDP.
All three of the major credit ratings agencies now have the UK's AAA rating on negative outlook, meaning they could downgrade its rating if performance deteriorates.All three of the major credit ratings agencies now have the UK's AAA rating on negative outlook, meaning they could downgrade its rating if performance deteriorates.
In his Autumn Statement in December, Chancellor George Osborne acknowledged public finances were taking longer to rectify than planned, and admitted he would be forced to extend austerity measures by at least another year.In his Autumn Statement in December, Chancellor George Osborne acknowledged public finances were taking longer to rectify than planned, and admitted he would be forced to extend austerity measures by at least another year.
The news on public sector finances comes days before economic growth (GDP) figures are expected to show the economy contracted in the final three months of 2012.The news on public sector finances comes days before economic growth (GDP) figures are expected to show the economy contracted in the final three months of 2012.