“Today’s numbers indicate that while net debt of £2,818bn is much higher than the Chancellor would like, she will be pleased that the public finances remain on track with the path set out in her Autumn Budget.
“What will worry government is that recent economic indicators such as weak GDP growth and rising inflation are flashing amber, and what this could mean for tax receipts and the cost of servicing government debt in 2025. Money remains extremely tight and that is unlikely to change any time soon.”
ENDS
Notes to editors:
- Taxes and other receipts fell short of public spending by £113.2bn in the eight months to 30 November 2024. Although £21.4bn more than budgeted, this is £0.4bn less than in the same period in 2023/24 and is in line with the OBR’s revised full-year forecast deficit of £127bn for the current financial year to March 2025. Meanwhile, net debt of £2,818bn or 98.1% of GDP was also broadly in line with the OBR’s revised expectations.
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