We’ve been pointing to UK’s shambolic economic data as evidence that austerity is failing in the UK, but then of course, the whole point is to reduce public sector debt, so if that were happening, then the pain might be worth it.
Well, it isn’t.
Her Majestey’s Treasury (link available on this page) just announced the following:
(T)he public sector current budget was in deficit by £8.4 billion; this is a £2.8 billion higher deficit
than in April 2010, when there was a deficit of £5.6 billion;
(P)ublic sector net borrowing was £10.0 billion; this is a £2.7 billion higher deficit than in April
2010, when net borrowing was £7.3 billion;
Both numbers are worse than expected. Expectations were for net borrowing of just over £6 billion Meanwhile, public debt to GDP just keeps rising.
Update: Sky News points out that this is the worst ever April for borrowing.
[credit provider=”HM Treasury” url=”http://www.hm-treasury.gov.uk/national_statistics.htm”]