UK government borrowing misses targets; historic German bond sale – business live

UK borrowing is rising faster than expected this year, as government spending outpaces incomeLatest: UK surplus weaker than hopedSurplus of £1.3bn in July misses forecast of £2.7bnJuly should be a strong month for tax receiptsUK has borrowed £6bn more this year already 2.48pm BST My colleague Severin Carrell has spotted that Scotland ran a deficit seven times higher than the UK as a whole last year, despite again cutting its overspend on public services.He writes:The latest Government Expenditure and Revenue Scotland (Gers) figures showed there was a record gap of nearly £2,000 per person between how much was spent on public services and debt repayment, and total tax revenues for 2018/19.Scotland’s notional deficit stood at £12.6bn or 7% of GDP, including North Sea oil revenues, compared to the UK’s total £23.5bn deficit – which includes Scotland’s figure, equivalent to 1.1% of UK GDP. Related: Scotland’s 2018 deficit higher than UK as a whole last year 2.45pm BST US retailer Target has lifted the New York stock market, by beating profit and revenue forecasts.Target grew earnings by 17% in the last quarter, as its in-store pickup and same-day shipping services proved popular. Continue reading…
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