Today’s borrowing figures show that the government has borrowed £2.6 billion more so far this fiscal year than it did in the same six months last year*, allowing Labour to continue to claim that the deficit is rising. This is, of course, embarrassing to a Chancellor who defines himself by deficit reduction — but, all things considered, it’s probably better news than Team Osborne were expecting. Last month’s figures showed that borrowing in April to August 2012 was £10.6 billion higher than in the same period of 2011*, so this month’s release is in fact a marked improvement.
It shows that September borrowing was £0.7 billion lower this year than last, and the ONS has also revised down its estimate of borrowing in April to August by £6.7 billion. That’s both good news and another important reminder that the initial monthly figures are subject to a good deal of uncertainty — they’re revised by an average of £1.7
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