Commenting on the public sector finance release for May 2024 published by the Office for National Statistics today (Friday 21 June 2024), an ICAEW spokesperson said:
"Today’s numbers show that public sector net debt continues to grow, up from £2.69tn in April to £2.74tn in May, the first time it has exceeded £2.7tn.
“Net debt is now 51% higher than it was at the start of the pandemic in March 2020, and 167% higher than it was in March 2010, pushed up by the spikes in spending during the pandemic and to offset energy bills, as well as borrowing to fund day-to-day spending and investment. High borrowing costs and the financial consequences of more people living longer mean that the public finances are significantly weaker and less resilient than they were 14 years ago.
“When the country goes to the polls on 4 July, the reality is that whoever wins power will inherit an extremely challenging fiscal position that will hamper their ability to turn the country around.”
ENDS
Notes to editors:
1. Public sector net debt was £2,743bn on 31 May 2024, 51% higher than £1,815bn on 31 March 2020 and 167% higher than £1,028bn on 31 March 2010.
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