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ICAEW responds to today’s public sector finance numbers

Author: ICAEW

Published: 24 May 2022

Responding to the public sector finance numbers released by the Office for National Statistics today (Tuesday 24 May 2022), Alison Ring OBE FCA, Public Sector and Taxation Director for ICAEW, said:

“Today’s numbers highlight that while the deficit is still high – the fourth highest on record – it’s a marked improvement on the past two years as the costs of dealing with the pandemic continue to subside.

“More notably, the £7.2 billion downward revision to the deficit for the fiscal year to March, initially reported last month, will help the Chancellor build up his coffers to support struggling households, particularly when combined with a likely windfall tax.

“However, exposure to higher debt interest as inflation soars, and anticipated further base rate increases by the Bank of England, continues to overshadow the outlook for the country’s public finances.”


Notes to Editors:

The ONS data is available here.