Government borrowing falls to 17-year low
By Sean Farrell
Date: Thursday 21 Mar 2019
(Sharecast News) - UK government borrowing fell to a 17-year low for the financial year so far, supporting improved official forecasts and giving the chancellor room to ease the strain on public services.
Borrowing from April 2018 to February 2019 was £23.1bn - £18bn less than in the same period a year earlier, the Office for National Statistics said. The figure was the lowest year to date borrowing since April 2001 to February 2002.
Borrowing in February fell to £0.2bn from £1.2bn a year earlier and was the lowest for that month since 2017.
In his spring statement on 13 March Philip Hammond, the chancellor, said he had more fiscal room at his autumn budget and promised a review with more money for services under strain. The NHS, schools and social care are under pressure after nearly 10 years of spending cuts.
Borrowing in the financial year to March 2018 was £41.8bn. The figures for the year to date put the government on track to achieve the reduced £29.3bn full-year borrowing forecast by the Office for Budget Responsibility.
Hammond said extra spending depended on an orderly Brexit. If Britain leaves the EU in a chaotic no-deal scenario his room for largesse will be constrained, he said.
Email this article to a friend
or share it with one of these popular networks:
You are here: news
10 Lower Thames St,
London EC3R 6EN