Higher VAT receipts from a consumer-led recovery and stamp duty income from a booming housing market have failed to offset this drag.
Rather than being in a position to offer some tax or spending sweeteners to kick in before next Mays general election, he may be faced with the unpalatable choice of announcing further fiscal quel sont les numero gagnant pour le quinte de demain tightening or a slippage of deficit-reduction plans.
Economists said the poor start to the year had put at risk the Treasurys official target of reducing borrowing.5bn in 2014-15 from 105.8bn in 2013-14.Economists said there was still chance Osborne could meet the full year target if the public finances improved in the later part of the fiscal year.Martin Beck, senior economic adviser to the EY item Club, said Osborne might be forced to use his autumn statement in December to announce more spending cuts or tax rises to meet his target.The Commissions forecasts included one-off costs related to investments made in 2013 but have since been assumed in this years budget, de Guindos said.Following previous warnings by the commission that Spain risked overshooting its deficit targets, Spain has said that any over-spending would be offset by strong tax revenues, which are growing more than expected.Slow progress in cutting the deficit is mostly down to muted wage growth constraining income tax revenues.The August borrowing figures were based on a new measure introduced by the ONS to bring them in line with European standards.Economics, said: Augusts public finance figures show that the coalition is still struggling to bring borrowing down as quickly as planned in the March budget.Ed Balls, the shadow chancellor, outlined his commitment to deficit reduction in his party conference speech on Monday, in a bid to reassure the public and businesses that Labour can be trusted to run the economy responsibly.Office for National Statistics.
Borrowing in the fiscal year so far, from April to August, was.5bn,.6bn higher than the same period last year.
A country that ignores EU budget rules faces a disciplinary process that can end in fines.
Howard Archer, chief UK economist at IHS Global Insight, said Osborne had a mighty tough job on his hands to meet the target.
But the Commission said on Thursday the euro zones fourth largest economy would have a gap.7 percent of GDP this year and a shortfall.6 percent next and.6 percent in 2017.
The Commissions latest forecast is more pessimistic than its estimates from mid-October, because of new data sent to the EU statistics office by the Spanish authorities, European Commissioner for economic affairs Pierre Moscovici told a news conference.
Augusts public finances data suggest that deficit reduction remains a grindingly slow process.
Higher borrowing was largely driven by weak income tax receipts, reflecting weak wage growth and distortions which flattered revenues in the early part of last year when bonus payments were delayed to take advantage of the cut in top rate tax to 45p from 50p.Increase fuelled by weak tax receipts means chancellor may have to unveil further cuts or raise taxes to meet targets in time for 2015 election.The economy will be a key battle ground in the run up to the general election, with George Osborne likely to argue that it is only safe in the hands of the Conservative party.George Osbornes deficit-reduction target is now tougher to meet, economists say.Also, DNS cant get information about the domain.Check if you have typed correct URL.The chancellor is on course to miss his deficit-cutting target this year, according to the latest figures, giving him a headache in the run up to the 2015 election when the economy takes centre stage.So, answer to question: Is miss-bon-reduction Down Right Now?Weak tax receipts pushed borrowing.6bn in August excluding bank bailouts, 700m more than a year earlier according to the.(Reporting by Francesco Guarascio and Jan Strupczewski and Carlos Ruano in Madrid, Editing by Angus MacSwan).In its draft 2016 budget sent to the Commission, the Spanish government forecasts it will have a deficit.2 percent this year, falling.8 percent in 2016 as agreed.George Nikolaidis, economist at manufacturing trade body EEF, said: Borrowing needs to drop faster if the government is to hit its target before the end of the fiscal year and in time for the 2015 general election.Under EU rules, Madrid has to bring its headline budget deficit below the EU threshold of 3 percent of gross domestic product next year, cutting it.8 percent.Samuel Tombs, senior UK economist at Capital.
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Spain holds a national election on Dec.
The chances of the chancellor enjoying a fiscal windfall from the strong economic recovery in time for the autumn statement are looking increasingly slim.