We offer a range of high quality accounting, financial and business services in and around Milton Keynes.

Government borrowing at record high, data reveals

26 May 2020

Data published by the Office for National Statistics (ONS) has revealed that government borrowing reached a record high of £62 billion in April following heavy spending as a result of the coronavirus (COVID-19) pandemic.

The deficit was larger in April than forecast for the whole of 2020 at the time of the Budget. The data showed that the cost of the government's Coronavirus Job Retention Scheme (CJRS) alone was £14 billion in April.

The Office for Budget Responsibility (OBR) predicts that borrowing could reach £298 billion this year.

Commenting on the data, Charlie McCurdy, Researcher at think tank the Resolution Foundation, said: 'The latest borrowing figures offer a stark illustration of the fiscal costs of the coronavirus and the lockdown measures required to contain it, with the government borrowing as much last month as it did during the whole of last year.

'But while there is significant pressure on the public finances, there are no signs that the government is struggling to find the cash. Record low interest rates mean the UK's higher debt burden should remain more than manageable.'

Register

Why not register to receive our monthly newswire? This is packed full of essential business news and handy tax tips to help save you money.

Learn more

Tax Calendar

Our handy tax calendar provides an overview of the key tax dates for your diary.

Learn more

Calculators

B2B’s interactive tax calculators can be used to calculate VAT due, the taxable benefits on your company car and how much your savings are worth.

Learn more

Home | About us | Contact us | Logon | Register | Accessibility | Disclaimer | Help | Site map |

© 2020 B2B Business Advisors Limited. All rights reserved.

We use cookies on this website, you can find more information about cookies here.
Chartered Tax Adviser

Registered in England, Company Registration number – 7906656. Registered Office – 58b High Street, Stony Stratford, Milton Keynes, MK11 1AQ. Registered with the Chartered Institute of Taxation as a firm of Chartered Tax Advisers. Registered to carry out audit work and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales.