The Chancellor received a double dose of bad news yesterday after it was revealed that the summer boost to the economy was more modest than previously believed, and that government borrowing has continued to rise.
The economy eked out growth of only 0.9 per cent between July and September, down from the previous estimate of 1 per cent despite a boost from the London Olympics.
At the same time, figures from the Office for National Statistics revealed that, excluding financial interventions, the Government borrowed ?17.5 billion last month as income tax receipts dwindled and spending rose. This was ?1.2 billion
Source: http://www.thetimes.co.uk/tto/business/economics/article3638823.ece
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