Thursday, 18 February 2010

British finances to be 'worse than Greek deficit'

The Times
"The Government is on course to run up a higher budget deficit this year than Greece after dire figures on the public finances today showed that it borrowed £4.3 billion more than it received in taxes in January, the first time this has happened.January is usually a bumper month for tax receipts as people submit their tax returns and corporation tax payments fall due.However, a steep decline in income tax and capital gains tax payments, coupled with a sharp rise in interest payments to cover the Government's debts, forced the Treasury to borrow money to balance its books.The dire data confounded economists' expectations of a surplus of £2.8 billion, and falls far short of the £5.3 billion surplus recorded in January last year."

No comments: