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News - 23 September 2014

August public borrowing figures released.

The Office of National Statistics (ONS) said public sector net borrowing stood at £11.6bn last month, high enough to hamper the chancellor's efforts to reduce the public deficit.

Stuart Coleman, Manager of the Tax Department of ABDS comments:
“Total borrowing for this year stands at £45.4bn, some 6.2% higher than at the same time a year earlier. However, comparisons are difficult because of changes to the methodology this month.
The latest figures are designed to meet EU standards and include financial sector interventions that were left out in the old figures.”

On the old basis, the figure would have been £12.5bn, up from £11.5bn in August 2013.

Economists have spoken of a "taxless" recovery that has made it harder for Mr Osborne to balance the books.

This refers to the fact that receipts from income tax have not been rising as much as the government would have hoped, despite rises in the number of people in work, because pay rises have been meagre for many.

For the tax year so far, the amount has been 0.6% lower than in the same period a year earlier.

If you need any help and advice on Management Accounts, Budgets and Cash Flow Forecasts, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar NOW to discuss how ABDS can help in all your financial planning.

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

Brilliant with numbers   
Great with people  
Clear and precise with advice
Timely and cost effective 
In touch with issues that face our clients and
mindful of their long term strategic goals

Helping Your Business is Our Business

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