• Public sector net borrowing, excluding public sector banks, fell by £0.3 billion in April 2016, compared with April 2015
  • In the full financial year ending March 2016, public sector net borrowing, excluding public sector banks, was £2.0 billion higher than originally estimated a month ago
  • Public sector net debt, excluding public sector banks, at the end of April 2016 was 83.3% of GDP

Commenting on the public sector finance figures for April 2016, published today by the ONS, David Kern, BCC Chief Economist, said:

“April’s figures were disappointing but not surprising given the slowdown in economic activity, which is making it more difficult to generate tax revenue, reinforcing our assessment that the progress towards achieving a budget surplus will be slower than the OBR estimated in the March Budget.

“Cutting the deficit and restructuring the economy will necessitate difficult measures for the government in the short term, but only by putting our public finances on a sound footing will it be possible to create the stability that will enable businesses to drive economic growth.”