Commenting on the UK’s February public finance figures, published today by the ONS, David Kern, Chief Economist at the British Chambers of Commerce (BCC), said:

"The sharp deterioration in the budgetary position, unless vigorously addressed, poses serious risks to Britain’s international standing and credit rating.

“Since the government cannot cut the deficit before the recession ends, it is vital that next month’s Budget outlines a credible plan for reducing debt and borrowing over the medium-term. 

“By putting more emphasis on abolishing or suspending onerous labour market regulations, the government could support jobs without adding to the deficit.”