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Government plans to cut public sector spending in complete disarry
// Britain's public borrowing hit a shocking new record as Government spending surged in November, sounding alarm bells about the Treasury's ability to hit its targets for reining in the UK's finances.
Public sector net borrowing jumped to £23.3bn in November - excluding bailing out the banks - the highest for any month since the Office for National Statistics (ONS) began its records in 1993.
The borrowing figure was almost £6bn up on the £17.4bn seen in the previous November, disappointing forecasts for a small improvement.
The pound dipped 0.4pc to under 85p against the struggling euro amid fears the Government will miss its chance to sort out the UK's finances.
"These figures really are a bolt from the blue," said Andrew Goodwin, senior economic advisor to the Ernst & Young ITEM Club.
"The November figures pretty much wipe out all of the 2010/11 reduction in borrowing in one fell swoop."
By the end of November, the total net debt stood at £836bn, equivalent to 58pc of gross domestic product (GDP), again a new record. Including the cost of the bank rescues, the debt rose to £971bn, or more than 65pc of GDP.
"Expenditure seems to be a lot Jonathan Loynes, an analyst at Capital Economics, was among those forecasting that if the trend continues borrowing is likely to total £155bn, well over the target.
Howard Archer, at IHS Global Insight, said the figures were "truly horrible" and there was now a serious risk that the Government will miss the targets it set for the year. //
So it is confirmed, Osborne is completely clueless. Got to be bad if he is doing worse than Brown.
Time for his removal and let Ken Clark have a go?
Public sector net borrowing jumped to £23.3bn in November - excluding bailing out the banks - the highest for any month since the Office for National Statistics (ONS) began its records in 1993.
The borrowing figure was almost £6bn up on the £17.4bn seen in the previous November, disappointing forecasts for a small improvement.
The pound dipped 0.4pc to under 85p against the struggling euro amid fears the Government will miss its chance to sort out the UK's finances.
"These figures really are a bolt from the blue," said Andrew Goodwin, senior economic advisor to the Ernst & Young ITEM Club.
"The November figures pretty much wipe out all of the 2010/11 reduction in borrowing in one fell swoop."
By the end of November, the total net debt stood at £836bn, equivalent to 58pc of gross domestic product (GDP), again a new record. Including the cost of the bank rescues, the debt rose to £971bn, or more than 65pc of GDP.
"Expenditure seems to be a lot Jonathan Loynes, an analyst at Capital Economics, was among those forecasting that if the trend continues borrowing is likely to total £155bn, well over the target.
Howard Archer, at IHS Global Insight, said the figures were "truly horrible" and there was now a serious risk that the Government will miss the targets it set for the year. //
So it is confirmed, Osborne is completely clueless. Got to be bad if he is doing worse than Brown.
Time for his removal and let Ken Clark have a go?
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