Energy subsidies cause a rise in borrowing in Britain to more than 27 billion pounds

Energy subsidies cause a rise in borrowing in Britain to more than 27 billion pounds
Energy subsidies cause a rise in borrowing in Britain to more than 27 billion pounds
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The Office for National Statistics in the United Kingdom announced that the British government’s payments related to reducing the impact of rising energy bills have led to a rise in public borrowing to more than 27 billion pounds since last December, which represents the highest number in 30 years.

According to the Guardian newspaper, the Statistics Office said that British government spending last month exceeded revenues by 27.4 billion pounds, which is 16.7 billion pounds more than borrowing during December 2021 as part of the authorities’ attempts to curb the energy crisis.

He added that the high interest payments of £17.3 billion on the UK’s national debt, which is more than £2 trillion, also contributed to the increase in total borrowing more than expected, pointing out that debt interest payments were twice the number for the same month in the previous year.

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In the same context, the British analyst at the “Capital Economics” research company, Ruth Gregory, said, “It is the third month in a row that borrowing has increased compared to the same month a year ago, while the public finance figures for last December provided more evidence that the government’s financial situation is deteriorating.” at an accelerated rate.”

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And she added, “In general, today’s public finance numbers, which are worse than expected, will not result in anything other than that they will encourage Finance Minister Jeremy Hunt in the budget scheduled for March 15 to tighten his grip on public finance,” explaining that this means that he is waiting until The next general election is approaching, possibly in 2024, before any major tax cuts are announced.

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