Yael Selfin, Chief Economist at KPMG UK, comments on today’s public sector finance figures.
Yael Selfin, Chief Economist at KPMG UK, comments on today’s public sector finance figures:
“Public sector borrowing increased to £35.9bn for the current financial year in December. This is well above the forecast of £25.5bn made by the OBR in October and, even allowing for lower borrowing in the coming months in line with past years, the total borrowing figure would still be £5bn higher than expected according to our estimates.
“Today’s data will do nothing to lift the mood after “Blue Monday” as any deterioration in the public finances ahead of the Brexit deadline in March will eat into the headroom available for the Chancellor if things do not go to plan.”
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Notes to Editors:
KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 14,500 partners and staff. The UK firm recorded a revenue of £2.2 billion in the year ended 30 September 2017. 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.