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UK government borrowed more than expected in October. While net borrowing dropped to £7.47 billion last month from £8.33 billion in September, government borrowing increased to £8.2 billion in October, while median expectations were for £6 billion. This is highest level of borrowing in any October month, since 2009.
However, in spite of October's rise in borrowing, overall borrowing likely to remain low for this year and coming, since UK Chancellor planning to balance UK's budget by 2019. This has kept, Gilts well bid this year. Demand is even higher on the shorter end of the curve, since Debt Management Office (DMO) announced that it will be issuing more longer dated Gilts to finance government.
Since 2008, UK's debt to GDP ratio has worsened, rising from 44.5% by end of 2007 to 81.8% by end of 2011. Rise has been slower since. As of 2014, it stands at 89.4%.
While government has cut back in spending since 2009/10 and spending to GDP dropped from 49.7% in 2009 to 44.4% in 2014.
Despite the drop twin deficit in UK, do remain a major concern. Budget deficit still around 5.7% of GDP, while current account deficit is at 5.5% of GDP.
