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News - 23 April 2014

UK government hits borrowing target in 2013-14

New figures issued by the Office for Budget Responsibility (OBR) has estimated the UK borrowing deficit at £107.8bn, in the financial year to April 2014, lower than the £115.1bn amount it borrowed the previous year.

Borrowing in March fell to £6.7bn from £11.4bn a year earlier, excluding financial interventions, with the figure for February being revised down from £9.3bn to £8.8bn.

The figures exclude the effects of both the transfer of the Royal Mail pension scheme to the government, and gains from the Bank of England's asset purchases for quantitative easing (QE).

The UK's public sector net debt, excluding financial interventions, is now £1,268.7bn, equivalent to 75.8% of GDP. This compares with a figure of £1,185.2bn, or 74.2% of GDP, at the end of March 2013.

Howard Archer, chief economist at analysts Global Insight, said Chancellor George Osborne had been "helped enormously by the March shortfall being limited to £6.7bn".

Stuart Coleman, Manager of the Tax Department of ABDS comments:
“The figures showed that gradual progress has been made over the past year in stabilising public finances. However there is still a long way to go to achieve the government’s target of eliminating the budget deficit by 2017-18.”
 
The annual figure is the first provisional estimate of the financial year, and will be revised as more data becomes available.

The Treasury points out that it shows the size of the challenge, with government debt, more than £1.2 trillion, remaining the third largest of the G7 advanced economies.

If you need any help and advice on Budgets, Cash Flow Forecasts and Management Accounts, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar NOW to discuss how ABDS can help in all your financial planning.

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

Brilliant with numbers   
Great with people  
Clear and precise with advice
Timely and cost effective 
In touch with issues that face our clients
Mindful of our client’s long term strategic goals

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