Fall in UK tax receipts and business support fuel record October borrowing

News, market analysis, investment scam prevention tips and more ✔️ Your source for latest asset management news and information. This magazine is crafted specifically for those who are interested in diving into the global asset management world. A steep fall in tax receipts and the extra cost of government subsidies for businesses and the self-employed pushed UK government borrowing last month to its highest level for October since records began in 1993. In the latest reading of the government’s finances ahead of the chancellor’s spending review next week, the Office for National Statistics said monthly borrowing hit £22.3bn in October, up more than £10bn on the same month last year. Britain’s debt mountain also climbed to 100.8% as a proportion of GDP, its highest level since the early 1960s. Analysts said the deficit in October was not as bad as the £35bn many expected after a strong bounce back in the economy during the summer months that prevented steeper falls in tax receipts. In a boost to the chancellor, Rishi Sunak, who has faced pressure from many Tory backbenchers to restrain government spending, the total deficit since April was £77bn lower than estimated in July by the Office for Budget Responsibility, the Treasury’s independent forecaster. However, the annual deficit was still on course to reach £400bn by the end of the financial year in April following the government’s decision to To keep reading about Fall in UK tax receipts and business support fuel record October borrowing, Click on the link. Seoul, Korea
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