British retail sales rose slightly less than expected in October, while the public finances deteriorated more sharply than thought over the month, the Office for National Statistics said today.
The ONS said sales rose 0.4 per cent last month, slightly below forecasts for a rise of 0.5. That left them 3.4 per cent higher on the year versus forecasts for a rise of 2.9 per cent.
Separately, the ONS said the public sector posted a net cash requirement of £5.899 billion last month, nearly twice expectations. The government's preferred accruals-based measure came in at £11.419 billion pounds, also well above expectations and the worst October reading on record.
The ONS said public sector net debt as a percentage of GDP came in at 59.2 per cent in October, the highest since records began in 1974/75.
Analysts had forecast PSNCR of £3.3 billion and PSNB of £6.1 billion.
The government expects borrowing to total £175 billion in the current financial year.
Reuters