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ICAEW: Public sector borrowing breaches £100bn milestone

Author: ICAEW

Published: 21 Dec 2023

Commenting on the public sector finance release for November 2023 published by the Office for National Statistics today (Thursday 21 December 2023), Alison Ring OBE FCA, ICAEW Director of Public Sector and Taxation, said:

“These numbers confirm that the government's financial difficulties are continuing to mount, with the shortfall between income and public spending reaching an unsustainable £116bn for the first two-thirds of the financial year, surpassing the £100bn milestone and providing a challenging fiscal backdrop for both the government and the opposition ahead of a general election.

“While the Prime Minister and the Chancellor continue to search for cost savings to free up capacity for further pre-election tax cuts, the opposition will be concerned about the fiscal legacy it would inherit if it were to take power.

“The deteriorating state of the UK's public services is a big concern for all politicians given that it implies a need for substantial tax rises after the general election, irrespective of who wins.”


Notes to editors:

Contact: ICAEW media office, stephen.froome@icaew.com or 07970 402 073