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KPMG comments on UK public sector finances

KPMG comments on UK public sector finances

Commenting on the latest public sector finance figures from the ONS, Yael Selfin, chief economist at KPMG in the UK, said:


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The latest figures add a more positive tone to UK economic data, with July’s public sector finance figures marking the first recorded surplus since 2002. Nevertheless, public sector net borrowing – excluding public sector banks – remains £1.9 billion higher so far this financial year, when compared to a year earlier.

Higher debt servicing costs, as a result of rising inflation and a slightly frail economy, will put pressure on public finances this year. However, the more challenging environment at present should not prevent the Chancellor from meeting his target of a balanced budget by the mid-2020’s.

While it would be wise to keep some room for further spending in the event the economy deteriorates more significantly, the Autumn Budget will be an opportunity for the Chancellor to take active steps to recalibrate the economy with a view to making it more productive and resilient. These can include incentives for businesses to increase innovation and their use of technology, as well as on-the-job skills training and peer-to-peer business mentoring.


Notes to editor:

For media enquiries, please contact:

Gill Carson, KPMG Corporate Communications

T: 020 3078 4189

M: 07768 635843



KPMG Press Office

Tel: +44 (0) 207 694 8773


About KPMG

KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 13,500 partners and staff. The UK firm recorded a revenue of £2.07 billion in the year ended 30 September 2016. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 152 countries and has 189,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.

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