Author Archives: Fiscal Student

Year to date borrowing continues to fall

Despite rising in August, borrowing in the first five months of 2018-19 was almost a third lower than in the same period last year. On a like-for-like basis receipts growth has so far outpaced our full-year March forecast, while debt interest spending is already down £2.2 billion on last year.

Substantial year-on-year improvements in the deficit continue

With a £2 billion surplus recorded in July, the deficit in the first four months of 2018-19 is down 40 per cent on a year earlier – a larger fall than implied by our full-year forecast from March. But much of the data remain highly provisional, so it is too soon to draw firm conclusions…