As per the latest figures released by the Office for National Statistics (ONS), the rate of new public sector borrowing of UK stood at 3.8 billion euros in the month of July. It is very lower than the 6.1 billion euros of public sector borrowing of the same month in last year.

Meanwhile the total borrowing for this year is 44.9 billion euros well down the 47.5 billion euros of last year. But the tax take rose up by 10.5% and reached to 49.7 billion euros, which has been the best since July of 2008.

The economists of the country are quite satisfied with the figures and have said that it was very encouraging for the country.

As per the economic history of the country, the figures of July has been boosted by the VAT receipts and corporation tax but the economic crisis forced the country to borrow during the month, it happened for the first time in last 13 years.

The forecast for the public sector borrowing for 2010-2011 is estimated to 149 billion euros which fell down from 155 billion euros borrowing of 2009-10.