Public Sector Net Borrowing Falls To £12.8bn

Public sector net borrowing falls to £12.8bn in September - the lowest figure for the month since 2008.

The Office for National Statistics' data, which excludes financial interventions like bank bailouts, is £0.7bn lower than in September last year.

The figures will be welcome news for Chancellor George Osborne, who is attempting to reduce the deficit in the current tax year to £120bn, from £121.6bn a year earlier. 

But despite September's improvement in borrowing, the public finances continue to be worse off year on year.

Total Government spending continued to rise - by 3.7% to £52.5bn, including a 1.6% rise in social benefits such as unemployment claims.

Analysts broadly welcomed the data but warned the Chancellor is still likely to miss his borrowing targets.

"September's UK public finances brought some better news for the Chancellor after the run of poor borrowing numbers earlier in the year," Martin Beck, an economist at Capital Economics, said.

"Nevertheless, if the trend in the first six months of the fiscal year continues, it still looks like borrowing for 2012/13 will overshoot the OBR's forecast by about £7bn.

"Given this deterioration and increasing concerns over the true impact of deficit reduction on the economy, the Chancellor may be compelled to alter his fiscal rules."

Mr Osborne will present an update of the Government's budget plans in his Autumn Statement on December 5.

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