Commenting on public sector finance data released by the Office for National Statistics, Mark Littlewood, Director General at free market think tank the Institute of Economic Affairs, said:

“The fact that the borrowing figures are less eye-watering than initially predicted should not distract us from the dire state of the public finances.

“We are mere weeks away from our national debt surpassing 100 per cent of total national income. As we exit the pandemic, the government will need to make serious decisions on where to cut spending – unless they are willing to increase taxes still further beyond their historically high levels.

“Unfortunately, the Prime Minister seems to have bought in to the prevailing consensus that we should spend beyond our means in the good times and way beyond our means in the bad times. That is a recipe for economic decline and is an immoral burden to shift on to future generations.”

ENDS

Notes to Editors

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