- Public sector net borrowing, excluding public sector banks, increased by £1.3 billion in September 2016 compared with September 2015
- Public sector net borrowing, excluding public sector banks, fell by £2.3 billion, in the current financial year compared with the same period in 2015
- Public sector net debt, excluding public sector banks, at the end of September 2016 was 83.3% of GDP
Commenting on the public sector finances for September 2016, published today by the ONS, Suren Thiru, Head of Economics at the British Chambers of Commerce (BCC), said:
“The rise in government borrowing was bigger than expected, and highlights the fact that repairing our public finances remains a challenging task.
“The UK’s ability to generate tax revenue has diminished following the financial crisis, and this underlying weakness is likely to be exacerbated further if the UK economy slows as we predict.
“It is vital that next month’s Autumn Statement is used to incentivise businesses to invest, create jobs, and support growth. Firms will reward that support in spades, which in turn will strengthen the UK’s tax base.”