April-June public borrowing down £2.3bn on last year

21 Jul 16

Public borrowing was £25.6bn between April and June this year, £2.3bn down on the same period in 2015, according to official figures.

The latest public finances bulletin, published by the Office for National Statistics today, also revealed that borrowing for the month of June (excluding public sector banks) was £7.8bn, down £2.2bn on June last year.

Public sector net debt, again excluding banks, was £1,620.7bn at the end of June, equivalent to 84.0% of gross domestic product. This represents an increase of £47.6bn on June 2015.

The ONS noted that the data does not reflect any significant impact of the European Union referendum result, which was announced on 24 June.

“Estimates for the latest period always contain a substantial element of forecast information which currently reflect pre-referendum assumptions,” it said.

Chancellor Philip Hammond said the figures underscored the strength of the British economy.

“Ahead of the referendum monthly borrowing continued to fall, with the deficit in June the lowest since it has been since 2007," he said.

“As our economy now adjusts to reflect the referendum decision it is clear we will do so from a position of comic strength.”

  • Vivienne Russell

    Vivienne Russell is managing editor of Public Finance magazine and publicfinance.co.uk

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