UK debt at record September levels
Tuesday, 20 October 2009 10:58Official figures show that Britain recorded a public deficit of £19.4 billion in September as the recession continued to hit the economy.
The deficit - or public sector net cash requirement (PSNCR) - for September compared with one of £13.3 billion during the same month in 2008, the Office for National Statistics said.
It added that the public sector net borrowing requirement - the British government's preferred measure of public finances - soared to £14.8 billion in September. That was almost double the £8.7 billion in the same month a year ago, but less than the £15 billion forecast by analysts.
Both the 'cash' and 'borrowing' requirements were at the highest levels ever seen for the month of September. A deep recession in Britain has sapped taxation revenues and ramped up government spending on unemployment benefits and economic stimulus measures.
The ONS said net benefit pay-outs jumped by almost 10% in September from a year earlier to £13.8 billion. Revenues from VAT and income tax both sank by more than 13%.
