By Chris Dorrell Government borrowing exceeded expectations in August, while public debt hit 100 per cent of GDP. The figures are yet another indication of the bleak fiscal outlook facing the new government as it gears up to hike taxes in the upcoming budget. According to the Office for National Statistics, the government borrowed £13.7bn in August. That was ahead of the £12.4bn expected by economists and the £11.2bn pencilled in by the Office for Budget Responsibility (OBR). August’s figure was £3.3bn higher than last year and the third largest figure for the month since records began in 1993…