Treasury shortfall widens
The gulf between tax receipts and government borrowing widens as the Treasury suffers its worse December on record in terms of the deficit
The Treasury had to borrow a net £7.8bn in December to tide itself over as
the chasm between its spending and the amount brought into its coffers expanded
to record proportions.
The monthly deficit was £5.1bn for the last month of 2007 which eclipsed all
previous Decembers and was £1.4bn higher than the same month last year,
for National Statistics figures showed.
Net borrowing for the financial year to date climbed to £43.6bn, £11.4bn more
than in the same nine months in 2006-07 significantly more than Mr Darling’s
full-year forecast of £38bn for 2007-08.