• During the first seven months of the financial year 2014/2015 (April to October), public sector net borrowing, excluding public sector banks, was £3.7bn higher than in the same period last year
  • In October 2014, public sector net debt, excluding public sector banks, was 79.5% of GDP

Commenting on the public sector finances for October 2014, published today by the ONS, David Kern, Chief Economist at the British Chambers of Commerce (BCC) said:

“UK public sector finances have improved marginally in October, but monthly figures can be erratic. A longer term comparison shows that the government’s debt reduction target set in the last budget appears to be out of reach. Our assessment is that the borrowing target for the entire financial year 2014/2015 will be exceeded.

“Despite strong economic growth, the government’s ability to generate tax revenue has deteriorated due to weak earnings growth, and the decline in oil and gas outputs. Regardless of the result of the general election, it is imperative for the UK to persevere with a national strategy to reduce the public sector deficit - allowing British businesses to drive a sustainable recovery.” 

Ends

Notes to editors:

ONS: http://www.ons.gov.uk/ons/rel/psa/public-sector-finances/october-2014/stb-oct-2014.html

Media contacts:

Nick White – Press Officer

020 7654 5813 / 07825746812

Natasha Downes – Press Officer

020 7654 5817 / 07768458077

The British Chambers of Commerce (BCC) sits at the heart of a powerful network of 52 Accredited Chambers of Commerce across the UK, representing thousands of businesses of all sizes and within all sectors. For more information visit: www.britishchambers.org.uk