UK government borrowing falls in April

by | May 24, 2022

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UK government borrowing fell more than expected in April but remained above pre-Covid levels, according to figures released on Tuesday by the Office for National Statistics.
Government borrowing fell by £5.6bn from the previous year to £18.6bn, coming in below analysts’ forecasts of £18.8bn and the Office for Budget Responsibility’s forecast of £19.1bn.

Nevertheless, it remained above pre-Covid levels – up by £7.9bn compared to April 2019 – and was the fourth-highest April borrowing since monthly records began.

The ONS cut its estimate for borrowing in 2021/2022 by £7.2bn to £144.6bn.

Paul Dales, chief UK economist at Capital Economics said the lower-than-expected public borrowing and the downward revisions to borrowing in 2021/22 “will only add to the pressure on the Chancellor to go big when finalising the imminent support package for households”.

“We think any support will be small and targeted rather than big and widespread,” he added.

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