UK Government borrowing soars. Darling cautious on recovery

Government borrowing soars
Reuters Friday 21 August 2009 03:35
LONDON (Reuters) – Government borrowing rose far beyond forecasts to a record for July as tax receipts crumbled in the recession, but stronger-than-expected retail sales suggest a recovery may be on the horizon. July is usually one of the two key surplus months for the public purse but official data on Thursday showed public sector net borrowing of 8.016 billion pounds last month, confounding market forecasts for a deficit of just 500 million pounds.

Darling cautious on recovery
Reuters Friday 21 August 2009 03:35
LONDON (Reuters) – Chancellor Alistair Darling said on Thursday that no country should be complacent about economic recovery given the risks posed by high oil prices and the need to fix banks’ balance sheets. Writing in the Daily Mail’s Friday edition, Darling said Japan, France and Germany’s emergence from recession were welcome news for the British economy.

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