AssetID: 55868783
Headline: UNCAPTIONED: UK Borrowing Falls As Burnham Takes Office
Caption: UK Borrowing Falls As Burnham Takes Office. The UK government borrowed slightly less than expected in June, offering some early encouragement as Prime Minister Andy Burnham begins setting out his government's economic agenda. Official figures showed borrowing totalled £16 billion last month, almost £8 billion lower than a year earlier and slightly below the Office for Budget Responsibility's forecast. Despite the improvement, the Office for National Statistics said the UK's national debt remains close to £3 trillion, roughly equal to the country's annual economic output. Separate figures showed unemployment was unchanged between March and May, with the labour market described as relatively steady. Burnham and his new chancellor, John Healey, have pledged to stick to the government's fiscal rules although economists have warned the UK's public finances remain fragile and there is little room for significantly higher borrowing. Instructions: THIS VIDEO MUST NOT BE EDITED FOR LENGTH TO COMBINE WITH OTHER CONTENT
Keywords: Current Affairs & Politics,UK Borrowing,falls,Andy Burnham,UK Prime Minister,economic agenda,Government,Chancellor,John Healey,Office for Budge Responsibility,forecast,economic output,labour market
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