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Uk Public Finances Improve In November, Helped By Forex Fine

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Britain's public finances improved sharply in November, official data showed on Friday, helped by a fine on banks hit by a foreign exchange trading scandal.

There was also an improvement in income tax receipts which have been weak so far this year. But finance minister George Osborne still has work to do to meet his new, less ambitious full-year borrowing goals.

The Office for National Statistics said public sector net borrowing, which excludes state-controlled banks, totalled 14.1 billion pounds in November, down 10 percent from a year earlier.

Economists taking part in a Reuters poll had forecast a shortfall of 15.0 billion pounds.

The ONS said the figures were boosted by payment of a 1.1 billion-pound fine by banks under a settlement with regulators who investigated a foreign exchange rate fixing scandal.

Osborne said this month that he was off course to meet his target for cutting the budget deficit in the current 2014/15 financial year and announced a new one that was nearly 6 percent higher at 91.3 billion pounds.

Great news, fining is the taxing.

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so its actually 200m WORSE than predicted, if the windfall hadnt come in.

Austerity doesnt bite.

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Andrew Neal just said there was indisputable real growth, it is an economic miracle helping hard working people.

About as real as Brillo's hairline.

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They should call it the money laundering tax plan.

Government gives banks the money to bail them out. Banks do illegal things to give the money back to government in the form of fines.

All works just great. Except for the bit about the money going back to the government instead of people screwed in forex markets.

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