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MNI BRIEF: UK Borrowing Slows In April On Higher Tax Take

(MNI) London
(MNI) London

Borrowing falls in April, but rising inflation again pushed debt interest costs higher.

True

UK government borrowing slowed in line with financial market expectations in April, but debt interest costs continued to accelerate in April, the latest data from the Office for National Statistics show.

Net borrowing slowed to GBP18.6 billion (GBP18.7 bn forecast) in the month, GBP5.6 billion below the level seen in April 2021, although still a hefty GBP7.9 billion above the pre-pandemic April 2019 numbers. April's data was boosted by a higher tax take, including revenues from the increase in National Insurance payments and other modest hikes, but weighed somewhat by the fuel cost Council Tax subsidy.

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UK government borrowing slowed in line with financial market expectations in April, but debt interest costs continued to accelerate in April, the latest data from the Office for National Statistics show.

Net borrowing slowed to GBP18.6 billion (GBP18.7 bn forecast) in the month, GBP5.6 billion below the level seen in April 2021, although still a hefty GBP7.9 billion above the pre-pandemic April 2019 numbers. April's data was boosted by a higher tax take, including revenues from the increase in National Insurance payments and other modest hikes, but weighed somewhat by the fuel cost Council Tax subsidy.

Keep reading...Show less