Borrowing down £7.5bn on last year

22 Oct 15

Borrowing in the first six months of 2015/16 was £7.5bn lower than the previous year, latest figures from the Office for National Statistics have revealed.

According to the ONS, public sector borrowing in September was £1.6bn lower than the same month in 2014.

Across the six-month period, central government receipts increased by

4.2%, according to the Office for Budget Responsibility analysis of the figures ­– higher than the 4.1% increase forecast in its latest Economic and Fiscal Outlook.

This is a quicker rate of growth than central government spending, which has increased by only 0.9% over six months.

However, the OBR highlighted that meeting its borrowing target for 2015/16 would require a £20.6bn reduction in borrowing over the full financial year – meaning that less than half of the required savings have been made in the first six months of the year.

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