Government debt soars to £1 trillion
The Government borrowed less money in December than a year previously, but it could not stop national debt hitting the £1 trillion mark.
It is the highest public sector debt recorded since figures were first compiled in 1993.
In the monthly public sector finances bulletin released by the Office for National Statistics (ONS), figures showed that borrowing amounted to £13.7 billion in December – £2.2 billion down on the same month in 2010.
It means that the Chancellor remains on track to achieve his spending target of £127 billion for the financial year, with the total currently standing at £103.3 billion.
Government spending fell by 0.9% in the month, reflecting the current effort to pay down the
As for money coming into the economy, receipts were boosted by the higher rate of VAT and the bank levy.
The Treasury Department announced that, effective January 4th, 2012, you will be allowed to purchase $10,000 each of Series I and Series EE bonds per year per person. Previously, it was believed that wed only be allowed to purchase $5,000 of each series because the annual limit was $5,000 for electronic bonds and $5,000 for paper bonds, with paper bonds, for the most part, being phased out at the end of 2011.
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