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George Osborne's plans hit by rising UK borrowing
George Osborne’s attempts to slash Britain’s ballooning deficit have been dealt a blow by official figures revealing a shock rise in borrowing in July. The damning numbers mean the Chancellor may have to tap the markets for at least £10bn more borrowing than last year, even after the planned £18bn of tax rises and spending cuts. Economists put the looming shortfall down to the weakness of the economy, which has resulted in a fall in tax receipts and a sharp rise in benefit payments. The Treasury had been expected to pay off £2.2bn of the national debt last month, which is traditionally good for corporation and ... (full story)