• In March 2014, underlying public sector net borrowing was £6.7bn, £4.7bn lower than in March 2013
  • For the financial year 2013-14, underlying public sector net borrowing was £107.7bn, £7.5bn lower than in 2012-13
  • At the end of March 2014, public sector net debt, excluding the effects of financial intervention, was 75.8% of GDP
     

Commenting on the public sector finances for March 2014, published today by the ONS, David Kern, Chief Economist at the British Chambers of Commerce (BCC) said:

“The figures show that gradual progress has been made over the past year in stabilising our public finances. However bringing down our budget deficit remains a difficult task. Since the financial crisis we have seen falls in oil and gas output and weaknesses in the financial sector. These structural changes have reduced the country’s ability to generate tax revenues, and future public spending must factor in these challenges. Although progress may be gradual, reducing our public sector debt is necessary, as it will help businesses drive the recovery, and create jobs and wealth.”