“These figures are much worse than expected and show a significant increase in the deficit compared with the same month a year ago. Britain’s fiscal position is very serious and it is essential for the Government to implement its tough strategy aimed at stabilising our public finances.
“British business supports these measures and wants to see the Government continuing to focus on spending cuts rather than tax rises. But, in order for this policy to be successful the austerity measures must be supplemented by a credible growth strategy so that businesses can drive a lasting recovery.
“While the MPC continues to maintain low interest rates, the Government must make every effort to support exporters, boost productivity and rebuild our infrastructure. Employment regulations must be scrapped so that private-sector businesses are able to create new jobs, and absorb the temporary job losses resulting from the austerity programme.”