UK Government borrowing falls in July

UK public sector borrowing fell to £3.8bn in July, down from £6.1bn in July 2009, suggesting the nation's finances are starting to recover.

Borrowing so far this financial year (between April and July) is £44.9bn, down from £47.5bn in the same period last year, according to the Office for National Statistics. At the end of July, net debt stood at £816.2bn, or 56.1% of GDP. This compares to net debt of £665.1bn in July last year, which was 47.7% of GDP. The public sector budget deficit was £500m, or £3.3bn lower than in July last wear. The Government's borrowing forecast is £149bn for 2010-11, down from the £155bn it borrowed the previous year. World First chief economist Jeremy Cook says the figures will be welcome ...