Tuesday 22 June 2021: Alison Ring OBE FCA, ICAEW Public Sector Director, comments on the public sector finance figures for May 2021, released by the Office for National Statistics.
Alison said: “With numbers for the second month of the financial year now in, we can see tax receipts are starting to approach pre-pandemic levels, while borrowing continues to increase despite Covid-19 spending starting to decrease.
“The public finances remain in a fragile state, and ongoing debates about education spending, adult social care and the pensions triple-lock highlight the difficult decisions facing Rishi Sunak as he seeks to balance pressures on our public services with still-growing levels of public debt. The prospects of the Chancellor raising taxes in the Autumn Budget appear to be increasing.”
ENDS
Public sector finance figures for May 2021 released by the Office for National Statistics.