"Today's figures show the government borrowed almost £7bn less last year than previously estimated"
- David Gauke, Exchequer Secretary to the Treasury
The U.K. public sector borrowed 14.4 billion pounds in August, posting record deficit since the records begun, the Office for National Statistics said Friday. Analysts had predicted U.K's public sector borrowing to rise 15.0 billion. Overall, public sector's net debt reached 1,039.5 billion Pounds, and composes 66.1% of the U.K. GDP.
"Today's figures show the government borrowed almost £7bn less last year than previously estimated. This is further evidence that we are dealing with our debts and getting the deficit down," said David Gauke, Exchequer Secretary to the Treasury.
"Unless present trends are reversed in the next few months, we now expect total borrowing in 2012/13 as a whole to exceed the total predicted by the OBR at the time of the Budget by more than £20bn," said David Kern, chief economist at the British Chambers of Commerce (BCC).
The FTSE 100 Index surrendered 0.03 per cent to 5,852.62. However, the broader FTSE All-Share Index appreciated by 0.01 per cent to 3,055.02.
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