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UK borrowing overshoots target in October as business revenue disappoints


People shelter from rain in front of the Bank of England in London, on April 25, 2012. THE CANADIAN PRESS/AP, Matt Dunham

LONDON - British government borrowing continues to run higher than planned as corporation tax collections in October fell.

The Office for National Statistics said Wednesday that borrowing in October was 8.6 billion pounds ($13.7 billion), up from 6 billion pounds a year earlier. Corporation tax revenue was down 10 per cent.

For the first six months of the fiscal year, the agency says borrowing of 73.3 billion pounds is 5 billion pounds more than a year earlier.

If that trend continues, full-year borrowing would be about 130 billion pounds ($207 billion), or 10 billion pounds above the government target.

Treasury chief George Osborne will give Parliament an update on his spending plans on Dec. 5.


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