Government borrowing surges to £25.6 billion deficit for April
G
overnment borrowing swelled to £25.6 billion final month amid the price of vitality help schemes, increased profit funds and rising debt curiosity, in response to official figures.
The Office for National Statistics stated it was the second-highest April borrowing on document, outstripped solely by the pandemic-impacted month in 2020.
It represented an £11.9 billion rise in contrast with the identical month final 12 months.
The newest determine was £7.7 billion larger than economists had predicted and £3.1 billion bigger than predictions from the Government’s official forecaster, the Officer for Budget Responsibility.
Chancellor of the Exchequer Jeremy Hunt stated: “It is right we borrowed billions to protect families and businesses against the impacts of the pandemic and (Russian President Vladimir) Putin’s energy crisis.
“But debt and borrowing remain too high now – which is why it’s one of our priorities to get debt falling.
“We’ve taken difficult but necessary decisions to balance the nation’s books, and if we stick to our plan and get our economy growing, then debt is set to fall.”