British public borrowing strikes October record: official

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British public sector borrowing hit a record high for the month of October, official data showed on Thursday, despite concerted government efforts to slash the deficit.

The public sector net borrowing requirement jumped to 10.3 billion pounds (12.1 billion euros, 16.4 billion dollars) last month, the Office for National Statistics (ONS) said in a statement.

That compared with borrowing of 10.1 billion in October 2009. Analysts had forecast a rise to 9.4 billion pounds according to a survey by Dow Jones Newswires.

An alternative measure of the deficit, the public sector net cash requirement, sank to 2.4 billion pounds in October, the ONS added. The PSNCR sank from a level of 6.7 billion pounds in the same month of last year.

© 2010 AFP

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