April: Record Deficit BUT Better Than Expected
Public borrowing reached £10 billion last month, the highest level for April on record…
But it’s actually good news – at £3 billion less than the £13 billion expected by economists.
You have to take the good where you can – this sets the scene for what economists say will be the sharpest cuts in public spending for a generation.
The Times: Howard Archer, chief UK and European economist at IHS Global Insight, said: “The fact that the rate of deterioration in the public finances slowed further in April does not disguise the fact that they are still in a dismal state and that the coalition Conservative-Liberal Democrat government has a major task ahead of them in returning the public finances to a sustainable state over the next five years.”
We gave it some polish.
