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U.S. markets recover from steep losses
LONDON, Oct. 20 (UPI) -- Britain's Office for National Statistics said government borrowing in the quarter March to September soared by $24.2 billion, the highest level since 1946.
Government debt in the first half of 2009 reached $126 billion, The Times of London reported Tuesday.
Borrowing for the year was expected to reach $327 billion, Vicky Redwood, an economist at Capital Economics said. Economist Howard Archer warned public sector borrowing would exceed government estimates which were already "worryingly high."
To meet its debt obligations, the British government spent $9.6 billion in September, the largest monthly payment on record, The Times reported.
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First-time buyers are driving the expectations that a recovery has begun. Their numbers and market share are growing despite financing roadblocks and competition with investors for entry-level homes. ...
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It is a whole new ball of wax in Europe these days.
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