07:02 ET<\/span>
\n<\/span><\/p>\nPublic sector borrowing last month was \u00a311.8bn, a record for the month of February.<\/p>\n
The official figure, provided by the Office for National Statistics, was nearly double the \u00a36.9bn forecast by economists.<\/p>\n
Public sector net borrowing now stands at \u00a3123.5bn for the financial year so far.<\/p>\n
This suggests the government remains on course to meet the \u00a3149bn borrowing total forecast for the full year.<\/p>\n
That figure comes from the government-appointed Office for Budgetary Responsibility (OBR). <\/p>\n
“The public finance numbers for February were significantly worse than expected,” said James Knightley from ING. <\/p>\n
“Admittedly, recent numbers have been better than hoped, but today’s outcome further reduces the likelihood of any formal giveaway in tomorrow’s Budget.” <\/p>\n
Net debt, which is the sum of all borrowing, was \u00a3875.8bn, the ONS said. That is equivalent to 58% of GDP or total economic output. <\/p>\n
This time last year, the total was \u00a3729.9bn, or 50.8% of GDP. <\/p>\n
‘Sweetener’<\/span><\/p>\nAlthough the year’s public borrowing is forecast to dip below official estimates, there have been calls for Chancellor George Osborne to resist a watering down its spending cuts in Wednesday’s Budget. <\/p>\n
“The Treasury needs to resist the temptation to utilise the windfall to provide a little sweetener to the bitter pill of fiscal retrenchment,” said Andrew Goodwin, senior economic advisor to the Ernst & Young Item Club on Monday.<\/p>\n
The BBC understands that he will announce a tax on private jet flights as part of plans to try to bring in more money to the Treasury’s coffers to help cut the budget deficit.<\/p>\n
It is believed Mr Osborne wants to raise an extra \u00a31bn a year by clamping down on tax loopholes and targeting the wealthy and businesses.<\/p>\n
Travellers using corporate jets currently do not have to pay any duty. <\/p>\n
The chancellor will consult on whether to extend air passenger duty to private jets or introduce a new tax on them.<\/p>\n<\/p><\/div>\n<\/p>\n
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