IEA economist responds to latest ONS public sector finances data
Andy Mayer quoted in the Express Online
Andy Mayer writes for The Telegraph
“UK government borrowing and debt continue to undershoot the OBR’s old forecasts, underlining how economic growth – not tax hikes – is the best way to repair the public finances.
“Borrowing was a whopping £43.4 billion lower than projected in the first six months of the fiscal year. What’s more, the ratio of debt to national income has already fallen sharply as the economy has rebounded more quickly than expected and GDP has been revised higher.
“The stock of debt was reported to be equivalent to 95.5 per cent of GDP at the end of September, but it was estimated at 99.7 per cent as recently as June, and more than 100 pe cent several times in 2020.”
Notes to editors
Contact: Emily Carver, Head of Media, 07715942731
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