Britain's government borrowing up in June

• Source: Xinhua
• [08:21 July 22 2009]
• Comments

Public sector net borrowing in Britain soared to 13 billion pounds (20.8 billion US dollars) in June, up 5.5 billion pounds (8.8 billion dollars) compared with the same period last year earlier, the Office for National Statistics (ONS) announced Tuesday.

The June net borrowing in the public sector saw the nation's net debt swell to 798.8 billion pounds (1.28 trillion dollars), equivalent to a record 56.6 percent of gross domestic product.

Analysts said the figures would reignite fears over Britain's public finances.

The ONS data also showed how the recession and slump in spending was hitting tax receipts.

Corporation tax revenues plunged by 14.1 percent, value-added tax by 15.9 percent and income tax by 3.9 percent.