UK government borrowing was higher than expected in April, according to the latest official figures.
Borrowing – the difference between spending and tax income – was £20.2bn, up £1bn from April last year.
That was higher than the £17.9bn borrowing figure that analysts had predicted.
The figure was the fourth-highest April borrowing figure since monthly records began in 1993, the Office for National Statistics (ONS) said.
Tax receipts were more than £5bn higher, in part due to increases in National Insurance contributions paid by employers.
But government expenditure also rose, largely due to pay rises, higher costs due to inflation, and increases in pensions and other benefits.
The ONS also said that borrowing for the financial year that ended in March is now estimated to be £148.3bn, which is £3.7bn less than initially thought.
However, the figure is still £11bn more than expected by the UK government’s independent forecaster, the Office for Budget Responsibility.
Credit: Source link
