New figures from the ONS show the UK borrowed £16.8 billion last month, with increased tax revenues and reduced spending helping to line the Treasury’s pockets as the economy continues to recover from the pandemic. That figure is £1.7 billion lower than the £18.5 billion predicted by economists, and £7.6 billion less than in December 2020…
Although interest payments lurched to £8.1 billion due to inflation, there’s clearly more wiggle room here to put off the impending National Insurance rises. On cue, however, Rishi Sunak appeared this morning to dismiss the idea:
“Risks to the public finances, including from inflation, make it even more important that we avoid burdening future generations with high debt repayments…”
Best to burden everyone with tax hikes during a cost of living crisis instead…
