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BCC: gradual progress on public finances, but much more needed

The British Chambers of Commerce (BCC) has said the budget deficit is still too high, and greater efforts are needed, through reducing current public spending and generating sufficient tax receipts.

The comments follow the public sector finance figures for November 2015, published by the Office for National Statistics (ONS).

In November 2015, public sector net borrowing, excluding public sector banks, was £1.3bn higher than in November 2014.

In the current financial year to date (April to November 2015), public sector net borrowing excluding public sector banks was £6.6bn lower than in the corresponding period of 2014

Public sector net debt excluding public sector banks at the end of November 2015 was 80.5% of GDP.

David Kern, BCC Chief Economist, said:

“Although we saw a minor setback in November, gradual progress is being made with reducing the deficit. The public finances are likely to be better this year than in the previous financial year, but the improvement may not be as large as the OBR suggested in the Autumn Statement.

“The underlying message remains that our budget deficit is still too high, and greater efforts are needed, through reducing current public spending and generating sufficient tax receipts.”

The Author

Paul Elliott
Media Researcher
BiP Solutions

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The Author

Paul Elliott
Media Researcher
BiP Solutions

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