Government Borrowing Falls to Lowest Level Since 2001

The public finances continue to be in better and better shape despite Brexit approaching, with the latest ONS figures showing borrowing in the financial year-to-date at its lowest level since 2001. This puts the Government on track to come in under its OBR target of £25.5 billion net borrowing for the year. This is a step in the right direction but it is still £25.5 billion added to the national debt of almost £1.8 trillion – there is no excuse for any government to turn its back on fiscal responsibility…

Excluding state-owned banks, public net borrowing actually recorded a January surplus of £14.9 billion, the largest since records began in 1993. It was fuelled by record high tax takings, with self-assessed Income Tax and Capital Gains Tax January receipts both at their highest levels since records began. Record tax takings is hardly what you’d expect from a party that has genuinely been “taken over by the right” as Anna Soubry likes to claim…


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