Budget deficit soars ahead of spending review

Britain borrowed a record £16.2 billion in September, up from £15.5 billion 12 months earlier, statistics from the Office for National Statistics (ONS) showed today.

Hours before George Osborne, the chancellor of the exchequer, delivers the comprehensive spending review (CSR), the ONS revealed the budget deficit moved to a record £13.2 billion in September. This is up from £11.7 billion in September 2009 and is the highest deficit since modern records began in 1993.

By cutting spending the CSR is aimed at reducing this deficit, with Osborne looking to make £83 billion of savings.