Government borrowing at record high, data reveals

26 May 2020

Data published by the Office for National Statistics (ONS) has revealed that government borrowing reached a record high of £62 billion in April following heavy spending as a result of the coronavirus (COVID-19) pandemic.

The deficit was larger in April than forecast for the whole of 2020 at the time of the Budget. The data showed that the cost of the government's Coronavirus Job Retention Scheme (CJRS) alone was £14 billion in April.

The Office for Budget Responsibility (OBR) predicts that borrowing could reach £298 billion this year.

Commenting on the data, Charlie McCurdy, Researcher at think tank the Resolution Foundation, said: 'The latest borrowing figures offer a stark illustration of the fiscal costs of the coronavirus and the lockdown measures required to contain it, with the government borrowing as much last month as it did during the whole of last year.

'But while there is significant pressure on the public finances, there are no signs that the government is struggling to find the cash. Record low interest rates mean the UK's higher debt burden should remain more than manageable.'

Copyright

© 2024 Michael Letch & Partners LLP. All rights reserved.

We use cookies on this website, you can find more information about cookies here.
Contact Us

Please call:
01277 655 626

Quick links

Home | Contact us | Site map | Accessibility | Disclaimer | Privacy | Help |

Address
Michael Letch & Partners LLP, 146 High Street, Billericay, Essex CM12 9DF

Michael Letch & Partners LLP is a limited liability partnership registered in England and Wales with registration number OC328815.

Michael Letch & Partners LLP is also regulated by the Financial Conduct Authority to carry out specific activities and investment advice (registration number 112064).

The term ‘Partner’ is used to refer to a member of Michael Letch & Partners LLP. A list of members is open to inspection at our registered office at 146 High Street, Billericay, Essex, CM12 9DF.

Michael Letch & Partners LLP is registered as auditors in the United Kingdom by the Association of Chartered Certified Accountants