Downing Street Says » Public Sector Borrowing

» Tuesday, July 21, 2009

Public Sector Borrowing

Asked about the public sector borrowing figures released today, the PMS said that our economy, like all economies, was being affected by the global recession. We got hit particularly because of the large size of our financial sector and the contribution that that made to the public finances, but we went into this recession with lower levels of net debt than many other countries. Even taking into account the increase in our deficit and the IMF s most recent figures for this year and next year, we would still have lower net debt than the US, Germany and the Eurozone as a whole.

Asked if the decline in tax revenue strengthened the case for higher taxes, the PMS said that the decrease in tax revenues was taken into account in the Budget and as such would be factored into our public finance figures.

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