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First month’s fiscal numbers even more difficult to read with delayed Brexit costs to come, says ICAEW

Wednesday 22 May 2019, Commenting on the public sector finances for April 2019, published today by the ONS, Martin Wheatcroft FCA, advisor to ICAEW on public finances, said:

“The first report of the new financial year is always difficult to assess given that a lot can happen over the following 11 months. While the numbers are better than a year ago, we should not forget that there are likely to be further Brexit costs to deal with in the next few months.

“In addition, any new Prime Minister and Chancellor of the Exchequer are likely to have their own views on public spending. Will they continue to keep a tight rein, or will they take a different path, particularly with the departmental spending reviews currently under way? With a lot of unknowns affecting income as well as expenditure, the fiscal numbers may be even more volatile than usual over the next few months.”

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