Government Borrowing Vastly Outstrips Income By £9.1 bln

In August, public finances were in a worse state then previously feared and this has put pressure on the UK Government to decrease its borrowing.

In the public sector, net borrowing reached a massive £9.1bn last month which is a record for August.

It appears tax revenues were well behind government spending, as figures from the Office of National Statistics (ONS) showed.

Since April, the government deficit has reached a massive £19.2bn, £3.1bn more than in the same period last year.

Should the UK government be reducing its spending?

Or should the government raise taxes?

Source