(MENAFN - Kuwait News Agency (KUNA)) The UK government borrowed much more than expected in last October, reducing the chances that the UK will hit its deficit reduction target in (2012-13), an official report confirmed here Wednesday.
UK public sector net borrowing, excluding financial interventions, hit 8.6 billion pounds in October, the Office for National Statistics (ONS) said.
That marked a sharp rise from the 5.9 bln pounds borrowed in October 2011.
This is the last set of borrowing figures before the chancellor's Autumn Statement on 5 December.
The headline figure was worse than expected - analysts had forecast borrowing of 6 bln pounds.
Corporation tax receipts fell nearly 10pct in October, a month when there is usually a heavy inflow to boost the public coffers.
A rise in day-to-day departmental spending also contributed to the higher borrowing.
For the six months of the financial year so far, borrowing has reached 73.3 billion pounds, excluding the one-off effects from the transfer of Royal Mail pension assets. That is 5 billion pounds higher than the same time last year.