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BCC: Further progress in cutting the deficit but UK still faces big challenges

  • For the financial year ending in April 2015, public sector net borrowing, excluding public sector banks, was £2.5bn lower than in the previous financial year
  • At the end of April 2015 public sector net debt, excluding public sector net banks, was 80.4% of GDP

Commenting on the Public Sector Finances for April 2015 published today by the ONS, David Kern, Chief Economist at the British Chambers of Commerce, said:

"These figures show encouraging progress towards reducing the UK's deficit. While it is too early to identify trends in this financial year, we could well see further reductions in the months ahead.

"However, we must not dismiss the huge challenge the government still faces to reduce the deficit and stabilise public finances. Britain's financial sector was hit hard during the recession and, together with lower oil and gas output, the UK's ability to generate tax revenues is constrained.

"The government must place as much emphasis on creating growth as it does on reducing public sector spending. Only then will the UK have a vibrant economy which is able to generate wealth over the long term and deliver the tax revenues to help cut the deficit."


Last modified on Friday, 22 May 2015 13:56

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