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BCC: Borrowing Figures a Minor Setback for the Chancellor

  • In October 2015 public sector net borrowing, excluding public sector debt, was £1.1bn higher than in October 2014
  • In the first seven months of the current financial year (April-October) public sector net borrowing, excluding public sector banks, fell by £6.6bn compared with the same period a year ago
  • Public sector net debt, excluding public sector banks, at the end of October 2015 was 80.5% of GDP

Commenting on the Public Sector Finance figures October 2015, published today by the ONS, David Kern, Chief Economist at the British Chambers of Commerce (BCC) said:

“It is disappointing that borrowing was higher in October than a year ago. This is a minor setback for the Chancellor ahead of next week’s Autumn Statement. However, in this financial year so far the government is making progress in cutting the deficit, and there is still a realistic chance that they will achieve the target set in the July budget.

“It is vital for the government to persevere with its dual strategy of reducing the growth in current spending, while at the same time supporting business growth by investing in infrastructure, cutting red tape and driving exports. This remains a huge task. The Autumn Statement will provide an opportunity for the Chancellor to show his resolve.”

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