Britain closer to balancing books after brexit, new figures show
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The Government borrows to fund spending not covered by tax and other income - but this gap continued to fall in August, official figures revealed today. Borrowing was at £10.5billion,
falling around £0.9bn from August last year, according to the Office for National Statistics (ONS). Public sector borrowing is now at £33.8 bn in the financial year-to-date, down £4.9bn from
the same period last year, Experts said the figures were further proof the vote to leave the European Union had not impacted the economy. Howard Archer, chief economist at IHS Markit, said:
"This adds to the evidence that the economy has been resilient so far following June’s Brexit vote, with tax receipts holding up relatively well overal." The figures are the
latest to highlight the strength of Britain's economy amid falling unemployment and strong retail sales for August. Britain's debt now stands at £1.6 billion, or around 83.6 per
cent of gross domestic product (GDP), according to the ONS. Critics are now waiting to see Chancellor Phillip Hammond plans for the economy amid the exit from the European Union.