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PwC comments on September's public sector borrowing data

21/10/21

Hoa Duong, economist at PwC comments on today's public sector finance data: 

“Ahead of the Autumn Budget, the Chancellor has an even smaller breathing space in the accounts as the UK continues to spend more money than it received in taxes and other income. According to today’s data, September added a further £21.8bn to the current government deficit, 18% higher compared to August.

However, today’s data shows a slight improvement in the UK’s public finances compared to the same month last year, with borrowing cut by 25% largely due to a 78% jump in stamp duty contributions as house buyers rushed to complete high value purchases before the end of the stamp duty holiday.

“In his Autumn Budget, we expect the Chancellor to continue raising taxes, a step further towards balancing the books, but with £119bn of cash to balance in the financial year to September 2021, the task is not without pressure as minimising adverse impacts on overall economic recovery remains critical.”

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