UK Deficit Hits Record Amount
The UK deficit is has risen to 27.4bn to date despite Government borrowing falling in May to 17.4bn excluding the bank bailouts.
Public borrowing is currently 1.5bn higher than it was the same time last year and experts believe that the one-off tax on bonuses helped flatter the figures in 2010.
Januarys V.A.T increase meant that May’s tax reciept grew to 8.2pc compared to the previous year which more than offset a 2.3pc increase in public spending.
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