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Record government borrowing in April as UK tackles coronavirus crisis

Record government borrowing in April as UK tackles coronavirus crisis

Business
The government borrowed a record amount in April, adding £62.1bn to the country's budget deficit.The Office for National Statistics said government borrowing was £51.1bn higher than the same month last year. It comes amid efforts by Chancellor Rishi Sunak to prevent mass job losses from the coronavirus pandemic by furloughing many of the country's workers. The figure is significantly higher than expected, with most economists having predicted £30.7bn for the month.Public debt jumped to almost 98% of GDP - the highest share of GDP by that measure since 1963, according to the ONS.
China’s corporate borrowing soars and cash flows deteriorate, independent survey shows

China’s corporate borrowing soars and cash flows deteriorate, independent survey shows

Finance
Jiangsu Pilot Free Trade Zone Lianyungang Area on November 28, 2019 in Jiangsu Province of China.Wang Chun | VCG | Getty ImagesChina's fourth-quarter economic growth may have been "the weakest of 2019" — but it still showed an improvement compared to the previous quarter and to the same period a year ago, a business survey released on Thursday showed.Manufacturing and services saw the strongest revenue improvement compared to the the previous quarter, though profit was "muted," according to research firm China Beige Book's quarterly review of the world's second-largest economy, which was based on a survey of more than 3,300 Chinese businesses.Three important results emerged from the survey.First, there are signs that cash flows have deteriorated quickly. "It is easy to discount a seemingly
No-deal Brexit would push borrowing above £100bn, IFS warns

No-deal Brexit would push borrowing above £100bn, IFS warns

Business
A no-deal Brexit would see government borrowing rise to almost £100bn a year and overall debt reaching levels not seen since the 1960s, a leading economic think-tank has warned.Analysis by the Institute for Fiscal Studies (IFS) predicted a mini-boom in public spending, funded by the extra borrowing, to help soften the blow if the UK crashes out of Europe without a deal. But the boom would likely be followed by bust as the government struggles to cope with the consequences of a smaller economy and higher debt on its funding of public services, the IFS said.The findings were published in the think-tank's "green budget" setting out the issues likely to be facing the chancellor Sajid Javid as he prepares his first budget.It also contained analysis from economists at the global investment bank
Government borrowing worse than expected in October

Government borrowing worse than expected in October

Business
The government borrowed far more than analysts expected in October, the first figures to be published since Philip Hammond's Budget last month show.The deficit rose to £8.8bn from £7.2bn last year, marking the biggest October for three years, and well above the £6.1bn forecast.The figures come after the chancellor said austerity was coming to an end. However, the deficit since the start of the financial year in April is still the lowest for 13 years. Let's block ads! (Why?) BBC News - Business
India Inc foreign borrowing jumps over 2-fold to $3.92 bn in April

India Inc foreign borrowing jumps over 2-fold to $3.92 bn in April

Finance
India Inc raised USD 3.92 billion from overseas markets in the first month of the current financial year, up more than two-times from a year-ago period. Among major companies which tapped the overseas market to raise capital included - Reliance Jio (USD 747.03 million), Aditya Birla Finance (USD 152.35 million), Vayu Urja Bharat Private Ltd (USD 155 million) and JSW Steel Ltd (USD 100 million). All these firms raised the money through automatic route of external commercial borrowings (ECBs). In the approval route category for ECBs, Tata Sons raised USD 1.5 billion for other purpose while Dewan Housing Finance Ltd raised USD 152.35 million (Rs 1,000 crore) by tapping the rupee denominated bonds (RDBs) during the month. Let's block ads! (Why?) Banking/Finance-Industry-The Economic Times...