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LONDON Air Max 270 Blue , Nov. 21 (Xinhua) -- Economists said Thursday that figures detailing the monthly borrowing of the British government showed that it was on track to underspend estimates set up earlier in the year.


In October, Public Sector Net Borrowing Requirement excluding financial interventions (PSNBRx), was 8.1 billion pounds (about 13.08 billion U.S. dollars), 0.2 billion pounds less than in October 2012.


In the first seven months of the current financial year Air Max 270 Black , cumulative borrowing on a comparable basis was 5.8 billion pounds (about 9.3 billion U.S. dollars) less than in the corresponding period of the last financial year, and for October net debt excluding the effects of financial interventions was 75.4 percent of GDP.


The improved government finances reflect economists' expectations for growth, with the central bank the Bank of England (BOE) raising its February forecast of 0.9 percent growth this year to 1.4 percent now.


"Overall, the recovery has started to feed through into the public finances Air Max 270 White , and underlying borrowing through the fiscal year to date is some 8 percent below the same period last year,"said Simon Wells, economist with HSBC Global Research.


Howard Archer, chief British and Europe economist with IHS Global Insight Air Max 270 , said that improved economic activity is lifting tax receipts while the strengthening housing market is markedly lifting stamp duty receipts for the British government.


"Seven months into the fiscal year, it is looking ever more certain that the Chancellor will significantly undershoot his current 201314 targets for the public finances," said Archer.


He said that if current trends were continued, the underlying PSNBR would come in at about 105 billion pounds (about 169.6 billion U.S. dollars) in 201314 Nike Air Max 270 Teal Sale , below the target of 120 billion pounds.


Archer added, "The hope is that the trend in the public finances will increasingly improve over the coming months as improved economic activity increasingly feeds through to boost tax revenues and help limit benefit payments."


David Kern, chief economist of the industry body the British Chambers of Commerce (BCC) said, "The figures show that progress has been made in reducing the budget deficit. While improvements may be partly down to the faster rate of economic growth Nike Air Max 270 Colorways Sale , the pace of reduction remains modest."


Kern said that a weaker financial sector and a fall in oil and gas reserves had created a structural shortfall in public finances.


"Restoring tax revenues to their pre-recession levels will remain a struggle even after growth returns to more normal levels," he said.


Archer said, "The recent improved economic performance means that pressure on Chancellor George Osborne to relax the fiscal squeeze to help the economy has fallen away and will likely only resurface should the economy suffer a marked relapse over the coming months." (One pound = 1.6 U.S. dollars)