BusinessCompany NewsGovernment set to miss borrowing targets

Government set to miss borrowing targets

Government departments could face a clampdown on their spending after first-quarter figures showed that a large overshoot in borrowing has already been created.

Link: ITEM Club warns of more tax rises

For the first three months of the fiscal year 2003/2004 a deficit of £13.8bn has been reached, exaggerating concerns that the government will miss its borrowing forecast of £27bn for the year.

The Treasury has indicated that departments may not get what they want in the next spending round in order to try and stay on track for its targets.

However a report by Ernst & Young’s ITEM club predicts that borrowing will overshoot targets both this year and next. A total of £31bn has been suggested for this year while the Item club predicts that 2004/2005 borrowing will be £30bn instead of the forecast of £24bn.

Related Articles

BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

3m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

7m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

7m Alia Shoaib, Reporter
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

10m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

10m Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

10m Emma Smith, Managing Editor
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

10m Emma Smith, Managing Editor
Mazars strengthens audit team with partner appointment

Accounting Firms Mazars strengthens audit team with partner appointment

10m Emma Smith, Managing Editor