Public Sector Borrowing 15% Below OBR Forecasts mdi-fullscreen

New figures from the Office for National Statistics show that Public Sector New Borrowing in October was £14.9 billion £4.4 billion higher than October last year. That’s the second highest October borrowing since records began in 1993 – only the pandemic year 2020 is higher…

Borrowing is still running 15% below what the OBR forecast in March, because tax receipts were £13 billion higher than predicted. Hunt’s private OBR statistics, delivered last week, are said to tell him there’s around £20 billion in “fiscal headroom” which will be trumpeted to give out tax cuts. Spending is up: public sector pay has increased 8% from last year and welfare benefits by 22%. It’s worth remembering that when growth is zero and spending isn’t cut – debt is increasing – despite Rishi’s pledge to reduce the debt. And debt is taxation deferred…

mdi-tag-outline Data Guido OBR Office for Budget Responsibility Office for National Statistics
mdi-account-multiple-outline Jeremy Hunt
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