- Public sector borrowing in May 2012 was £17.9bn, compared with £15.2bn in May 2011
Commenting on the public sector finance figures for May 2012, published today by the ONS, David Kern, Chief Economist at the British Chambers of Commerce (BCC), said:
“The May deficit highlights the huge challenge still faced by the UK in restoring its public finances. The figures support our forecast, which estimated total borrowing will be £6bn higher than the OBR predicted in the Budget for this financial year.
“This highlights the importance of sticking to the government’s deficit-cutting plan, even though it will lead to painful sacrifices for both businesses and consumers. But austerity measures must be combined with realistic policies to support growth, especially as the crisis in the eurozone continues to worsen. Cutting regulation, supporting exporters and creating a business bank would help businesses drive growth and re-balance the UK economy in the long-term.”