Brexit & EconomyPoliticsPublic finances improve in April

Public finances improve in April

Good news for prime minister-in-waiting

Latest figures put out by the Office
for National Statistics
have shown a decrease in public sector net borrowing
down to just £1.1bn in April 2007, against £2.8bn in April 2006.

An 10.6% rise in value added tax (VAT) receipts to £8.5bn, was the driving
force behind the improvement.

As a result, the current budget now has a surplus of £200m, compared with a
deficit of £900m in April last year.

The improved public finance performance is good news for
chancellor
Gordon Brown
before he takes over as prime minister.

Further reading:

CBI calls for Brown to cut corporation tax

PwC: public sector should maximise outsourcing

Treasury silent on private finance change

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