"Despite self-assessment receipts in January contributing to a sizeable surplus for the month, today's numbers confirm that the public finances continue to be in a difficult position ahead of the Spring Forecast. The positive news is that year-to-date borrowing to fund the deficit is lower than expected and on track to beat the OBR autumn forecast of £138bn for the financial year, based on the government being able to keep spending under control in the final two months of the financial year.
“Nevertheless, the budget overrun remains significant, reemphasising the weak economic position that is driving the government’s need to borrow.
“The focus for the Chancellor will be on how to stick to her planned reduction in the deficit in the upcoming financial year from April given the significant pressure she is under to find more money for a range of demands, while at the same time avoiding further tax rises and delivering the conditions for businesses to deliver growth.”
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Chartered accountants are talented, ethical and committed professionals. ICAEW represents more than 210,000 members and students around the world. 98 of the top 100 global brands employ ICAEW Chartered Accountants.* 87% of FTSE 100 companies, and 81% of FTSE 250 companies in the UK, have an ICAEW member on their board.
Founded in 1880, ICAEW has a long history of serving the public interest and we continue to work with governments, regulators and business leaders globally. And, as a world-leading improvement regulator, we supervise and monitor around 11,000 firms, holding them, and all ICAEW members and students, to the highest standards of professional competency and conduct.
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* includes parent companies. Source: ICAEW member data March 2025, Interbrand, Best Global Brands 2024.
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