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| Public borrowing rises to £11.8bn in September | Public borrowing rises to £11.8bn in September |
| (35 minutes later) | |
| Government borrowing rose to £11.8bn in September, an increase of £1.6bn compared with a year earlier, according to the Office for National Statistics. | Government borrowing rose to £11.8bn in September, an increase of £1.6bn compared with a year earlier, according to the Office for National Statistics. |
| Economists were forecasting that borrowing would hold steady. | Economists were forecasting that borrowing would hold steady. |
| The latest figures are a set back for Chancellor George Osborne, who in March pledged to cut the budget deficit by more than 10% over the next 12 months. | The latest figures are a set back for Chancellor George Osborne, who in March pledged to cut the budget deficit by more than 10% over the next 12 months. |
| Between April and September borrowing was £58bn, a rise of £5.4bn compared with the same period last year. | Between April and September borrowing was £58bn, a rise of £5.4bn compared with the same period last year. |
| That is an increase of 10.3% and a deterioration from last month's figures, which showed borrowing between April and August was 6% higher than a year earlier. | |
| "We have seen stronger growth in receipts this month, but as today's figures show, the impact of the great recession is still being felt in our economy and the public finances," a Treasury spokesman said. | |
| "At the same time, we have to recognise that the UK is not immune to the problems being experienced in Europe and other parts of the world economy." | |
| Economists say the borrowing situation will limit the government's options in the run-up to next year's election. | |
| "Borrowing would have to be a whopping 37% lower than last year in the remaining six months of the fiscal year for the annual total to match the OBR's [Office for Budget Responsibility] forecast," said Samuel Tombs, senior economist at Capital Economics. | |
| "Accordingly, the chancellor will be forced to acknowledge in December's Autumn Statement that the fiscal consolidation is not going to plan, limiting his scope to announce pre-election sweeteners." |