Figures provide fillip for chancellor George Osborne,who is under pressure over plans for tax credit cutsGeorge Osborne has hailed the benefits of a buoyant British economy for the Treasury’s bottom line, after official figures showed that a sharp rise in income taxes helped to cut the deficit in public finances by £7.5bn in the first half of the financial year.
In a fillip for the chancellor, and who is under severe pressure over his plans for tax credit cuts,the Office for National Statistics said on Wednesday that public sector net borrowing in September was £9.4bn, down from £11bn in the same month final year.
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Source: theguardian.com