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Worst June ever for UK finances
UK public finances suffered their worst June on record, figures from the Office for National Statistics (ONS) show.
Government borrowing rose to £7.3bn in June from £6.2bn during the same month last year - significantly higher than analysts' forecasts of £6.5bn.
Meanwhile, the current budget deficit stood at £6.4bn, £1.7bn higher than at the same time last year.
Net debt is now 47 per cent of national income in France, 47 per cent in America, in Germany 62 per cent, in Japan 83 per cent and in Italy over 100 per cent -- but this year in Britain 36.4 per cent.
I can report that in future years debt will be 37.5, 38.1, 38.3, 38.4, and 38.4 per cent of national income. So we meet our second rule over the cycle and in every year and we do so by a margin of £26 billion.
Net borrowing - which was £90 billion just over a decade ago - will be £37 billions this year, £36 next year, then 30, falling to 25, 24 and 23 billions in 2010-11 as we borrow to invest, borrowing in that year 1.5 per cent of national income compared to 8 per cent just over a decade ago.