• In February 2014, underlying public sector net borrowing was £9.3bn, marginally higher than the £9.2bn recorded in February 2013
  • In the first 11 months of the current financial year, underlying public sector net borrowing was £99.3bn, £4.4bn lower than in the same period of 2012-13
  • Public sector net debt, excluding the effects of financial intervention, was 74.7% of GDP in February 2014
Commenting on the Public Sector Finances for February 2014, published today by the ONS, David Kern, Chief Economist at the British Chambers of Commerce (BCC) said:
“Although borrowing in the financial year as a whole is likely to be lower than in 2012-13, progress is not as fast as we would like, given the faster pace of GDP growth in the current year. The figures support our view that borrowing will continue to fall but the pace of reduction will be slightly slower than the OBR predicted in the Budget. Falls in oil and gas output, coupled with the weaknesses of the financial sector, have impacted the economy’s ability to generate tax receipts, and any future growth in public spending must be scaled down to reflect these new realities. Stabilising our public finances remains a key condition for enabling the private sector to create wealth and continue to drive the recovery.”