Hunt Given £17 Billion UK Borrowing Boost Before Statement.

UK government borrowing is 15% lower than expected, giving Chancellor Jeremy Hunt the opportunity to announce fiscal giveaways in his Autumn Statement. The budget deficit for the first seven months of the fiscal year was £98.3 billion, £16.9 billion less than forecasted. The deficit for October alone was £14.9 billion, higher than expected due to welfare benefits, debt interest, and public-sector pay. Tax receipts have exceeded expectations, offsetting a spending overshoot. The Treasury has also made a transfer of £9.1 billion to the Bank of England to cover losses on the quantitative easing portfolio. Economists estimate that Hunt has more than double the margin of fiscal headroom predicted in March. Public debt is at its highest since the 1960s, standing at £2.64 trillion. [Extracted from the article]