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Higher Benefits & Debt Interest Payable Boosts April Net Borrowing

MNI (London)
  • At £25.6bln in April, UK public sector net borrowing (PSNB ex) was £3.1bln above OBR forecasts and £6.5bln higher than consensus expectations. This April, PSNB ex was £11.9bln higher than April 2022.
  • Energy support schemes, benefit payments and higher interest payments on debt accounted largely for the uptick. The increased interest payable on gilts in April was the third-highest on record.
  • This was the second highest April borrowing on record and reflects April increases in benefit payments (increased to buffer against declining real value on the back of high inflation).
  • A public finance neutral entry in April, but worth noting is HMT paid £9.8bln to the BOE for the APF scheme.
  • March debt to GDP (FY22/23) (ex banks) 99.1%. 2022/23 borrowing was revised down by £2.1bln, to £137.1bln, which is £15.3bln less then the OBR forecast.

Source: ONS

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