Public sector borrowing hits record rate

The Office for National Statistics (ONS) says overall Government debt now stands at £824.8bn, or 59% of GDP, and it expects borrowing to hit £175bn this year. That figure includes about £142bn in bank bail-outs. September public sector net borrowing came in at £14.8bn, slightly lower than analysts had expected but still a major increase on the £8.7bn borrowed in the same month last year. Hetal Mehta, senior economic adviser to the Ernst & Young Item Club, says: "If the rate of deterioration continues at this pace, the Government is likely to overshoot its spending projection for the c...