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News - 21 October 2014

Public borrowing rose in September

According to new figures released by the Office for National Statistics (ONS), Government borrowing rose to £11.8bn in September, an increase of £1.6bn compared with a year earlier.

In March, Chancellor George Osborne pledged to cut the budget deficit by more than 10% over the next 12 months, however, 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%. Last month's figures showed borrowing between April and August was 6% higher than a year earlier.

Stuart Coleman, Manager of the Tax Department of ABDS comments:
“Weak income tax receipts are behind the rising dependence on borrowing, in the first half of the fiscal year receipts were up just 0.1% compared to the same period last year. This is further exacerbated by the chancellor's move to increase the amount people can earn tax free, which is also depressing tax receipts. The general consensus among economists is that the borrowing situation will limit the government's options in the run-up to next year's election.”

The UK Personal Allowance - the amount you can earn in the UK before having to pay any tax - has risen during the current Parliament from £6,500 to its current level of £10,000. From next April, it is due to rise to £10,500.

Reacting to the borrowing figures, shadow chief secretary to the Treasury, Chris Leslie said: "These figures are a serious blow to George Osborne. Not only is he set to break his promise to balance the books by next year, but borrowing in the first half of this year is now 10% higher than the same period last year."

If you need any help and advice on Management Accounts, Budgets and Cash Flow Forecasts, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar NOW to discuss how ABDS can help in all your financial planning.

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

Brilliant with numbers   
Great with people  
Clear and precise with advice
Timely and cost effective 
In touch with issues that face our clients and
mindful of their long term strategic goals

Helping Your Business is Our Business

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