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ICAEW responds to public sector finance figures for November 2020

Tuesday 22 December 2020: Alison Ring OBE FCA, Public Sector Director at ICAEW, comments on the latest public sector finances for November 2020.

Commenting on the latest public sector finances for November 2020, published by the Office for National Statistics, Alison Ring OBE FCA, Public Sector Director at ICAEW, said:

“A slightly more optimistic forecast for GDP from the Office for Budget Responsibility last month resulted in the UK’s debt to GDP ratio being revised downwards, despite public sector debt having reached an all-time high of £2.1tn in November. However, this optimism may prove to have been premature, with reports suggesting another national lockdown in the new year and disruption in international trade foretelling a potentially difficult winter ahead for the economy and the public finances. 

“Prospects for the spring will depend on how quickly the vaccine can be rolled out, whether testing and tracing can deliver rapid and reliable results and the extent to which disruption at ports now and after 1 January can be minimised.”

 

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