UK Government Meets Borrowing Target

24 April 2012 16:00 - Florence Fullalove

    



UK Government Meets Borrowing Target

Despite the UK government borrowing more than expected last month at £18.2bn, it still managed to meet its target for the financial year. The office for National Statistics showed public sector total borrowing, excluding bank bailouts, exceeded the £17.95bn during March the previous year. It took borrowing for the whole 2011/12 fiscal year to £125.97bn, only just below the Government’s target of £126 billion. This was down from £136.8bn the previous year.

The reduction in bowing over the year was made with the help of tax increases, including the increase in VAT to 20% from 17.5% and government spending cuts. Economists said the high March shortfall highlighted the pressure on the chancellor to stick to his austerity measures, especially as Moody’s and Fitch , the credit rating agencies have put the UK’s AAA-rating in negative outlook.

Economist at Capital Economics Samuel Tombs said, “March public finance figures suggest that the trend in the UK’s fiscal position is continuing to worsen. He added, “With the economic recovery continuing to stutter, we think it will become increasingly difficult for the Government to meet its ambitious reduction plans in the fiscal year.”

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Related Links :
Office for National Statistics - Public Sector Finances - March 2012
Moody's - Research & Ratings
Capital Economics - Key Forecasts
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