The latest from the Black Country 

BCC: Repairing the Public Finances Remains a Challenging Task

  • Public sector net borrowing, excluding public sector banks, increased by £1.3 billion in September 2016 compared with September 2015
  • Public sector net borrowing, excluding public sector banks, fell by £2.3 billion, in the current financial year compared with the same period in 2015
  • Public sector net debt, excluding public sector banks, at the end of September 2016 was 83.3% of GDP

Commenting on the public sector finances for September 2016, published today by the ONS, Suren Thiru, Head of Economics at the British Chambers of Commerce (BCC), said:

“The rise in government borrowing was bigger than expected, and highlights the fact that repairing our public finances remains a challenging task.

“The UK’s ability to generate tax revenue has diminished following the financial crisis, and this underlying weakness is likely to be exacerbated further if the UK economy slows as we predict.

“It is vital that next month’s Autumn Statement is used to incentivise businesses to invest, create jobs, and support growth. Firms will reward that support in spades, which in turn will strengthen the UK’s tax base.”

Last modified on Thursday, 27 October 2016 08:48

News Categories

We use cookies to improve our website and your experience when using it. Cookies used for the essential operation of the site have already been set. To find out more about the cookies we use and how to delete them, see our Privacy Policy.

I accept cookies from this site

EU Cookie Directive Plugin Information