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23/04/2014
Budget Deficit Falls By 6% In 2013
The UK budget deficit has fallen to its lowest level since the financial crisis five years ago, with borrowing down to £6.7bn in March, compared to £11.4bn for the same period the previous year.
According to newly released figures from the Office for National Statistics (ONS) the government borrowed £107.7bn in the 12 months to the end of March.
The latest figures exclude the impact of the Royal Mail pension scheme which was privatised in October and showed a drop in the deficit of 6.42%, from £115.1bn the year before.
It was slightly lower than forecast by the Office for Budget Responsibility, in the March Budget delivered by the Chancellor George Osborne.
The ONS also said the Britain's net public sector debt currently stands at £1.27bn, which equates to 75.8% of gross domestic product (GDP).
The Eurostat, the European Union's statistical agency, said European governments recorded lower budget deficits in 2013 and for the whole EU, the agency said deficits contracted from 3.9% to 3.3%.
(CVS/MH)
According to newly released figures from the Office for National Statistics (ONS) the government borrowed £107.7bn in the 12 months to the end of March.
The latest figures exclude the impact of the Royal Mail pension scheme which was privatised in October and showed a drop in the deficit of 6.42%, from £115.1bn the year before.
It was slightly lower than forecast by the Office for Budget Responsibility, in the March Budget delivered by the Chancellor George Osborne.
The ONS also said the Britain's net public sector debt currently stands at £1.27bn, which equates to 75.8% of gross domestic product (GDP).
The Eurostat, the European Union's statistical agency, said European governments recorded lower budget deficits in 2013 and for the whole EU, the agency said deficits contracted from 3.9% to 3.3%.
(CVS/MH)
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