Commenting on the public finance figures published today, David Kern, Chief Economist at the British Chambers of Commerce (BCC), said:

“These figures confirm the serious deterioration in Britain’s budgetary position. The data supports our assessment that over the next two years the deficit will exceed 9 per cent of GDP annually. 

“The long term implication is very significant and British business is concerned that curbing the deficit will require big tax increases in future years.

 “To avoid damaging the economy’s recovery, the Government must prioritise its future actions and concentrate on measures that support employment and reduce the regulatory burden on companies. The planned increase in NICs in 2011 must be scrapped.” 

“The long term implication is very significant and British business is concerned that curbing the deficit will require big tax increases in future years. 

“To avoid damaging the economy’s recovery, the Government must prioritise its future actions and concentrate on measures that support employment and reduce the regulatory burden on companies. The planned increase in NICs in 2011 must be scrapped.”