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September 19, 2009

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UK Government Borrows Cash

THE recession's toll on Britain's public finances was highlighted yesterday by official figures showing the government borrowed another 16.1 billion pounds (US$26.3 billion) during August -- a record for the month.

The rise took net borrowing to 65.3 billion pounds for the first five months of the financial year so far, the Office for National Statistics said -- more than double the 26.1 billion pounds seen at the same stage last year.

Though August's borrowing was slightly lower than the 18 billion pounds forecast by most economists, it still represented the highest ever for the month, and the third-biggest monthly borrowing total since records began.


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