PwC comments on October's public finance data

Nov 21, 2019

John Hawksworth, chief economist at PwC commented on October's public finance data:

"Today's data contained mixed news on the public finances. On the one hand, borrowing in October was £2.3bn more than in the same month last year. On the other hand, estimates of borrowing in the six months from April to September have been revised down by £5.2bn, reflecting lower estimated government spending.

The net effect of these changes is favourable, with public borrowing in the financial year to date up only £4.3bn compared to the same period last year, rather than an estimated overshoot of just over £7 billion in last month's original data.

Nonetheless, growth in central government spending (3.4%) has continued to outpace growth in receipts (2.4%) and it still looks quite likely that the budget deficit in 2019/20 as a whole could be over £50bn.The deficit could rise further next year with the significant public spending increases being proposed by all major political parties."

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