Public Borrowing Shrinks to Decade Low
22nd December 2017.
UK Government borrowing was at its lowest level for a decade in 2017, according to new data from the Office for Budget Responsibility (OBR).
The improved state of the public finances will come as welcome news to the Chancellor, Philip Hammond, following a November Budget that was overshadowed by weak economic growth due to poor productivity levels.
Public borrowing was £48.1bn in the financial year so far, the lowest year-to-date amount since 2007.
However, OBR has forecast an increase by next year, with public sector borrowing reaching £49.9 billion by March 2018.
This would be an increase of £4.4 billion, and Ruth Gregory of Capital Economics deems it unlikely that borrowing will go significantly below this point.
Overall public debt remains too high at £1.7 trillion, and a Treasury spokesman said there is still “further to go” in improving the public finances.
“We continue to build an economy fit for the future by taking a balanced approach, getting debt falling while investing in our vital public services and keeping taxes low,” they said.
The borrowing figure for the financial year-to-date often improves after January, with a surplus often generated by a surge in tax receipts at the start of the year.
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