By Marcus Leach

The latest data from the Office for National Statistics (ONS) shows that UK public sector net borrowing was £14.4bn in August, which is almost unchanged from last year.

However, the ONS did go on to say that the figure was the biggest monthly deficit on record for the month of August.

The data also revealed that corporation tax receipts fell by 2.1% and benefits payments rose 4.9%.

The figures make it more likely that the government will fail to achieve its aim of wiping out the structural budget deficit by 2015.

Public sector net debt stood at £1.04 trillion at the end of August 2012, equivalent to 66.1% of gross domestic product (GDP).

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