Current Affairs

ONS Figures Released Ahead of Chancellor’s Autumn Statement Shows Borrowing Is Down

By Adenike Lucas

The Office for National Statistics, ONS has shown that borrowing in the UK went down to £5.6bn in October, which was better than most economist had predicted.

Official figures showed that Government borrowing went down on the amount it borrowed this time last year.

Compared to what was forecasted in March, borrowing went down by £1.6bn last month- and the total borrowing was put at £48.6bn in the year to the end of October, as a result of  better tax revenues.

The ONS announced that unemployment had fallen to 1.65 million in the March-to-May period, down 54,000 from the previous quarter.

However, the deficit is still 4% of GDP while total debt stands at 83.8% of GDP.

The UK economy is forecasted to borrow £55.5bn  for the 2016/17 financial year. Economist believe, with just 7 billion of head room, the Chancellor would have to borrow more than was forecasted before the UK vote to leave the European Union.

The UK owes in total £1.64 trillion

TORY CHANCELLOR 

The figures comes a day ahead of the Autumn Statement, which the Chancellor of the Exchequer, Phillip Hammond, will present tomorrow, Wednesday ,  November 22.

It is the first Autumn statement to be delivered by the Member of Parliament for Runnymede and Weybridge since Brexit.

 

 

 

 

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