Soaring borrowing in April a concern
Official figures have suggested that Britain had the most miserable April since 1993 when records began. The Office for National Statistics said that public sector net borrowing was £10 billion in April. The figures are on the back of increased spending and falling tax revenues.
The figure was £3.5 billion higher than had been anticipated and £2.5 billion higher than April 2010, though statisticians have suggested that 2010’s figure was boosted by the previous Government’s bonus payroll tax, which raised a one-off £3.5 billion.
The news must come as a blow to the coalition government’s plans for austerity measures. Still, what would it have been like had ‘New’ Labour still been in power?