Home Business NewsBusiness Government borrowing jumps to almost £7bn in June

Government borrowing jumps to almost £7bn in June

21st Jul 17 2:41 pm

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Government public sector net borrowing, excluding state-owned banks, rose to £6.9bn last month, a £2bn increase compared to June 2016.

Figures from the Office of National Statistics (ONS) also showed borrowing for the financial year to date, April 2017 to June 2017, increased by £1.9 billion to £22.8bn.

The increase comes as the Treasury battles higher inflation which pushed the interest up on the index-linked bonds.

The Office for Budget Responsibility (OBR) has forecast that public sector net borrowing (excluding public sector banks) will be £58.3bn during the current financial year, up 25 per cent from estimated £46.2bn in financial year to March 2017.

A Treasury spokesperson said: “Today’s release shows that our national debt, at £65,000 for every household is still too high and leaves us vulnerable to any future shocks.

“That is why we have a credible fiscal plan to get debt falling and deliver the sound public finances needed for a stronger economy and higher living standards.”

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