Govt’s Deficit Growth Less than Expectations
As per the figures retrieved from the Office for National Statistics (ONS), it has been uncovered that the government deficit has not grown as it was predicted in August.
The news has led to a number of good news. One of the positive things is that government's economic policy will get a good boost up. Things would act as cherry on the cake as economic policy will get better before the 2015 General Election.
With this, many other things are associated. As per the Institute for Fiscal Studies (IFS), government will be in a position to reduce borrowing target and that too by as much as £13 billion.
"While the monthly data are volatile, the picture over the first five months of this financial year is one of faster growth in receipts than the OBR forecast for the year", affirmed Rowena Crawford, positioned as IFS senior research economist.
Not only at annual level, but the borrowing level for the first five months will also reduce. As per reports, borrowing for first five months of 2013 has witnessed decline by £3.7 billion.
Things will get better with time as public finances are improving. Moreover, economic activity has also increased and both these factors in collaboration have been boosting tax revenues.
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