June borrowing up on last year

21 Jul 17

Public sector borrowing was £2bn higher in June this year than the same time last year, reaching £6.9bn, according to the latest official figures.

The Office for National Statistics today released its latest analysis of the public finances, which show in the current financial year-to-date government borrowing, excluding taxpayer-backed banks, jumped £1.9bn to £22.8bn.

Of this £22.8bn, £17.1bn related to the cost of “day-to-day” activities of the public sector ie the current budget deficit, while £5.7bn related to capital spending or net investment such as infrastructure.

The ONS said £26.4bn was borrowed by central government, while local government net borrowing was in surplus by £5.2bn.

According to Office for Budget Responsibility projections, government borrowing will be £58.3bn during the current financial year.

The ONS states that overall government debt (excluding public sector banks) now stands at £1,753.5bn at the end of June 2017, equivalent to 87.4% of GDP. This was £128.5bn (3.6%) up as a ratio of GDP on June 2016.

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