By Marcus Leach

In what is traditionally seen as a good month for tax receipts the UK government borrowed more than was expected in July.

Official figures from the Office for National Statistics (ONS) show that net borrowing was £600 million in July, an increase of £3.4 billion on the same month a year earlier when it made a repayment of £2.8 billion.

July is usually seen as a good month for tax receipts because it is the month that quarterly corporation tax payments are made and individuals' tax self-assessment returns are recorded.

However, analysts blamed disappointing corporation tax receipts for the higher level of borrowing. The ONs figures revealed that net debt - the sum of all borrowing - was £1.032bn, or 65.7% of GDP.

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