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ICAEW responds to the latest public sector finance figures

22 October 2019. Commenting on the latest public sector finances for September 2019, published today by the Office for National Statistics (ONS), Sumita Shah, ICAEW Regulatory Policy Manager, said:

“The public finances are not looking good in the first half of the financial year. We are on course for a bigger deficit and higher debt this year than originally expected, with the half-year deficit of £40.3bn only £1.1bn short of the deficit for the whole of last year. Without dividends from RBS it would have been worse.

“In addition, the IMF reported last week that Brexit-related worries are hurting investment in the UK, with weakening economic growth forecast at 1.2% for 2019, down from 1.4% last year.

“This is not the rosiest set of economic conditions and financial results ahead of the Budget on 6 November, with higher public spending and weak revenues providing an unfavourable backdrop for any tax cuts that might be proposed by the Chancellor.”

Media enquiries:

Contact details: Jude Obi, ICAEW press office on 020 7920 8553 or email jude.obi@icaew.com Sumita Shah available for interview

Notes to editors:

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