British government borrowing fell by almost half in the eight months of fiscal year 2021/2022 compared to the previous year.
Lending in April-November fell to 6 136 billion ($ 180 billion), down by almost 6 116 billion in the 2020 period, according to the statistics office.
But the figure was still nearly three times what it was two years ago, before the pandemic, and Finance Minister Sunak is under pressure to find new support for the hospitality industry and other areas most affected by the pandemic.
The media have reported that Sunak is against new social distance measures to slow down the spread of Omicron. Prime Minister Boris Johnson has said he will not change the rules for the time being.
Net government borrowing for November alone, excluding state-owned banks, totaled ,4 17.4 billion, up from an estimate of 16 16 billion.
October borrowing was revised downwards to 12 12.4 billion from the original estimate of ,8 18.8 billion.
Britain had the largest budget deficit since World War II, equivalent to 15% of GDP, in the fiscal year 2020/2021.
However, the deficit is shrinking this year as the government cuts its emergency financial support, including its job support program, which expired at the end of September, and tax revenues are recovering as the economy recovers.
The data show that total government revenues increased by almost 15% in the period April-November.
But rising inflation is raising the debt “bill.”
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Source From: Capital
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