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First-ever January UK budget deficit reported

The government has today revealed that for the first time since records began back in 1993 it was forced to borrow money in January to balance public sector spending. Against a net lending figure of £5.3 billion in January 2009 the government was forced to borrow £4.3 billion in January 2010. This comes despite the fact that January has traditionally been one of the highest tax income months for the government, due to tax payment deadlines.

This news comes at a bad time for the UK government after the UK economy had looked to be turning the corner at the latter end of 2009. However, since the start of 2010 the news has been mixed to negative regarding the economy and today's news of net borrowings in January, for the first time since records began, is a major blow. Alistair Darling will soon be forced to issue his UK budget forecasts and spending plans which are likely to leave him with little leeway in the run-up to the next general election.

More than ever we now need to see a co-ordinated plan of attack on the UK public sector investment budget which has been retained by Gordon Brown and Alistair Darling despite the dire state of the UK public purse.

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