24/04/2012

  • Public sector borrowing in March 2012 was £18.2bn, compared with £18.0bn in March 2011

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

“The public sector finance figures are some two billion pounds higher than expected by most analysts. However, since the overall borrowing figures were revised down slightly, borrowing for 2011/12 was £126bn, as predicted by the OBR at the Budget.

“Eliminating the country’s structural deficit presents huge difficulties to the UK economy. Significant progress has been made, however, and we believe the deficit reduction plan is achievable. Over the past two years, borrowing has been cut by almost 3% of GDP. Persevering with Plan A is vital, but so too is boosting private sector growth. The government can do this by reallocating priorities in the current spending envelope towards measures that will support business, for example cutting regulation and providing more support for exporters. More must be done to empower the private sector firms to drive recovery, create jobs, invest and export.”

Ends

For further information please contact the BCC press office on 020 7654 5813 / 5812 or 07825746812 / 07717682221.

Notes to editors:

Public sector finance figures: http://www.ons.gov.uk/ons/rel/psa/public-sector-finances/public-sector-finances---march-2012/index.html

The British Chambers of Commerce (BCC) is the national voice of local business.

The BCC sits at the heart of a powerful nationwide network of Accredited Chambers of Commerce, serving over 100,000 businesses across the UK, which employ over five million people. 

Media Contacts:

Liz Larvin
Tel: 020 7654 5813 / 07825746812
Email: l.larvin@britishchambers.org.uk

Lisa Morrison
Tel: 020 7654 5812 / 07717682221
Email: l.morrison@britishchambers.org.uk