Government borrowing rises more than expected in April
By Michele Maatouk
Date: Tuesday 23 May 2023
(Sharecast News) - The UK government borrowed more than expected last month as energy support schemes, benefit payments and higher debt interest payments pushed up spending, according to figures released on Tuesday by the Office for National Statistics.
Net borrowing for April came in at £25.6bn, well above expectations of £19.1bn and up from April's £13.7bn.
It was also above the Office for Budget Responsibility's forecast of £22.4bn and marked the second-highest April borrowing figure since monthly records began in 1993.
The ONS said growth in receipts was exceeded by the additional costs of the energy support schemes, increases in benefit payments and higher debt interest payable.
Central government debt interest payable was £9.8bn in April, up by £3.1bn on the same month last year and the highest April figure since monthly records began in 1997.
The figures showed that the government spent £3.9bn on subsidies, which is £1.8bn higher than in April 2022, mainly due to the Energy Price Guarantee and the energy bills discount scheme.
The ONS also said on Tuesday that it had revised down its initial estimate of borrowing for the year to March 2023 by £2.1bn to £137.1bn.
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