Government borrowing fell in April as UK reopened
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- Lid geworden op: 07-12-2020 05:19
Government borrowing fell in April as UK reopened
Government borrowing fell in April compared with the same month last year, as parts of the economy reopened after lockdown measures eased.
Borrowing - the slotxo difference between spending and tax income - was £ 31.7bn, official figures show, which was £ 15.6bn lower than April last year.
However, the figure was the second highest for April since records began.
Borrowing has been hitting record levels with billions being spent on measures such as furlough payments.
The Office for National Statistics now estimates that the government borrowed a total of £ 300.3bn in the financial year to March. While that was down slightly from its previous estimate of £ 303.1bn, it remains the highest level since the end of World War Two.
Samuel Tombs, chief UK economist at Pantheon Macroeconomics said public borrowing "should continue to undershoot" the OBR's forecast it published alongside the Budget in March amid expectations of a strong recovery in GDP.
However, he said: "The chancellor's room for manoeuvre on austerity measures will depend on the size of the long-term hit to potential GDP from the recent recession.
"While 'scarring' should be smaller than after past recessions, given that the unemployment rate has remained low, we still see significant costs in the form of diminished investment and an unprecedented exodus of non-UK nationals."
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Re: Government borrowing fell in April as UK reopened
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