UK deficit figures: expect a new George Osborne conjuring trick
by Phillip Inman Economics correspondent from on (#V6JT)
Surprising figures for October mean the chancellor must find an extra 10bn than envisaged. Prepare for some creative accounting - and more cuts
On the surface, the figures are bad. Government borrowing was 16% higher in October than the same month last year.
The deficit was supposed to be going down - and quickly. Forecasts by the Office for Budget Responsibility, which assesses the government's spending plans, predicted growing tax receipts and lower spending would generate a 23% cut in borrowing over the financial year. It is currently only 11% lower.
Related: Shock UK deficit figures dent George Osborne's economic plan
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