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BCC: Progress in Cutting Deficit, but Big Task Still Lies Ahead

  • In September 2015, public sector net borrowing (excluding public sector banks) was £1.6bn lower than in September 2014
  • In the first six months of the current financial year (April-September) borrowing was £7.5bn lower compared with the same period in 2014
  • Public sector net debt (excluding public sector banks) at the end of September 2015 was 80.6% of GDP

Commenting on the public sector finance figures for August 2015, issued today by the ONS, David Kern, Chief Economist at the British Chambers of Commerce, said:

“The figures for the first six months of the current financial year show that the government is broadly on target to meet the deficit reduction forecast by the OBR in the July budget. However, we still face a major task in restoring stability to our public finances.

“It is important for the Chancellor to persevere with cutting the deficit, mainly by focusing on reducing current public spending. The government must also look to boost economic growth through investment and exports, as our recent Quarterly Economic Survey has shown that export orders fell in both the manufacturing and services sectors in the last quarter.

“Only the successful implementation of this dual strategy will make it possible to create an environment that supports wealth creation and enables businesses to drive economic growth.”

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