"Public sector net borrowing fell by £19.8 billion, or 13.1pc, to £132 billion over the 12 months to the end of March, the lowest level since 2022-23."
"The improvement was driven in part by stronger tax receipts following last April's rise in employer national insurance contributions, which helped offset rising day-to-day spending."
"Economists and fiscal analysts have warned that higher energy prices, weaker growth and potential disruption to global trade routes could push borrowing significantly higher."
"Debt interest costs remain a key pressure point, rising over the year to £97.6 billion, reflecting the continued impact of higher interest rates on government debt servicing."
Public sector net borrowing decreased by £19.8 billion to £132 billion, the lowest since 2022-23. This decline was aided by stronger tax receipts from increased national insurance contributions. Borrowing now represents 4.3% of GDP, indicating a post-Covid recovery. However, concerns about the Iran conflict may reverse this trend, with potential increases in energy prices and disruptions to trade. Debt interest costs remain high at £97.6 billion, reflecting the impact of rising interest rates on government debt servicing.
Read at London Business News | Londonlovesbusiness.com
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