UK borrowing spirals as tax receipts dwindle

Telegraph
"October's shortfall reached £11.4bn compared with £130m at the same time last year. City economists had pencilled in a deficit of £7.1bn.Although October is traditionally a strong month for revenues such as corporation tax, Britain's deepest recession since the 1930s has hit the tax take hard and spurred spending on unemployment benefits. Overall tax receipts fell 9.1pc in the month as spending gained 10.3pc."