Government borrowing rises more than expected in April
Sharecast
Published May 23, 2023 08:52
Government borrowing rises more than expected in April
Sharecast - Net borrowing for April came in at £25.6bn, well above expectations of £19.1bn and up from April’s £13.7bn.
It was also above the Office for Budget Responsibility’s forecast of £22.4bn and marked the second-highest April borrowing figure since monthly records began in 1993.
The ONS said growth in receipts was exceeded by the additional costs of the energy support schemes, increases in benefit payments and higher debt interest payable.
Central government debt interest payable was £9.8bn in April, up by £3.1bn on the same month last year and the highest April figure since monthly records began in 1997.
The figures showed that the government spent £3.9bn on subsidies, which is £1.8bn higher than in April 2022, mainly due to the Energy Price Guarantee and the energy bills discount scheme.
The ONS also said on Tuesday that it had revised down its initial estimate of borrowing for the year to March 2023 by £2.1bn to £137.1bn.
Read more on Sharecast.com
Get The App
Written By: Sharecast
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.