Government Borrowing increased

The UK government borrowed more than expected in June, and has failed to reduce public sector borrowing since the start of the fiscal year, according to official figures published by the Office of National Statistics (ONS) that show public sector net borrowing stood at £11.4bn last month.

The figure was larger than many experts were predicting with, economists’ forecasting closer to £10.65bn. For the financial year to date, the public deficit stands at £36.1bn, up 7.3% from a year earlier indicating that the government is failing in its efforts to not only cut its spending but to reduce the deficit as well.