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PPI: More tax rises on the cards to cut deficit

The UK government may need to raise taxes further than it had anticipated in order to cut the current budget deficit, according to an expert.

Recent public sector financial figures released by the Office for National Statistics revealed that borrowing hit a record high for a single month in August.

A total of £15.9 billion was borrowed by the UK public sector during the month, while the deficit stood at £13.3 billion.

Samuel Tombs, UK economist for Capital Economics, claimed the numbers are "pretty troublesome for the government" who had predicted net borrowing would be around £13 billion.

He said: "We've been saying for a while that we think the government will struggle to meet its fiscal forecast and that tax rises in the future may be necessary, further to what has already been outlined in the June Budget, if the government is going to get closer to meeting those targets."

Posted by John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance. ADNFCR-2776-ID-800082429-ADNFCR

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