Britain is making progress in cutting its deficit and remains a relative safe haven from the debt crisis raging in continental Europe, the Treasury said, after borrowing in October came in slightly lower than expected.
These figures demonstrate the government's progress in cutting the deficit so far this year, with borrowing now over 10 billion pounds lower in the year to October than in the same period last year, a Treasury spokesman said.
The difficult decisions which have delivered this reduction in borrowing have made the UK a relative safe haven in the sovereign debt storm, but we are not immune to the turbulence in the eurozone and its impact on British businesses.
Prime Minister David Cameron said on Monday that getting debt under control was harder than anyone had envisaged.
(Reporting by Keith Weir)