November 21, 2007	Wednesday	Ziqa’ad 10, 1428

LONDON, Nov 20: Britain’s public finances fared badly last month, owing to flat tax revenues and higher government spending, official data showed on Tuesday.

Public sector net borrowing -- the government’s preferred measure of the public finances -- stood at a surplus of 1.0 billion pounds in October, the Office for National Statistics (ONS) said.

That compared with a surplus of 3.5 billion pounds a year earlier and market expectations of 2.8 billion pounds.

Meanwhile, an alternative but more volatile cash measure of public finances registered a weaker-than-expected reading last month.

The ONS said the public sector net cash requirement recorded a surplus of 4.787 billion pounds in October, compared with a shortfall of 8.981 billion pounds in the same month last year.—AFP