ONS borrows public sector, estimated at £31.7 billion in April
The UK government borrowing exceeded economists’ expectations in April as pandemic-limited pubic spending and lower tax revenues.
Data released by the National Bureau of Statistics on Tuesday showed that public sector borrowings were estimated at £31.7 billion in April.
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This figure is the second in April, as borrowing records were first recorded in 1993. However, it is below the £47.3 billion seen in the same month of 2020.
It was higher than the £300 billion forecast by economists, but the £39 billion budget was well estimated for budget liability.
The ONS also confirmed that the central government spent about £96 billion in April.
Paul Craig, portfolio manager at Quilter Investors, commented on borrowing UK government figures and what it means to come.
“The Treasury hopes to return to the role of the “invisible hand” but public borrowing will actually stand out for years. The levels of borrowing remained severely rising and will continue to do so while government support continues to exist throughout the year. But while the Treasury role will evolve as vaccine programs get closer to offering their first jabs, moving from keeping the economy alive to “going back better,” Craig said. Ta.
“But this is economically good, making the UK a somewhat sweet spot. The conditions for jumping have started well and we see this in the data that feed this. All The sector is amazed at the benefits and we are seeing strong job ads. The government hopes this will lead to an economic boom in the summer.”
