We don't need EU! Brexit effect brings UK borrowing down to lowest level in DECADE
- 7 years ago
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We don't need EU! Brexit effect brings UK borrowing down to lowest level in DECADE
BRITAIN’S Brexit boom has brought Government borrowing down to its lowest level for 10 years. According to figures from the Office for National Statistics (ONS) net public borrowing dropped by £1.3 billion to £5.7 billion in contrast to the year before.It means Theresa May’s government in on track to balance the books and is the lowest level of borrowing since the last Labour Government oversaw the banking crisis which caused the biggest economic crash since the 1930s.The figure was below the estimate put out by many leading economists and is evidence that the Remain campaign’s Project Fear is wrong in suggesting Brexit would severely damage the economy.It means Government borrowing for the current financial year – April to August 2017 - eased back by £200 million to £28.3 billion - also the lowest level for 10 years. The Office for Budget Responsibility (OBR) – Britain's fiscal referee – has forecast borrowing to come in at £58.3 billion for the financial year ending in March 2018.Mrs May has vowed to deliver a balanced budget by the "middle of the next decade", knocking back Mr Hammond's previous target of putting the public finances back in the black by 2020.A spokesman for the Treasury said: "We have made substantial progress in reducing the deficit, whilst taking a balanced approach that allows us to invest in our infrastructure and public services. "This approach is working but the national debt is still too high, so we must continue to live within our means and start reducing our debt."Howard Archer, chief economic adviser at EY ITEM Club, said the result was a boost for the Chancellor as November's budget looms.He said: "It looks increasingly like the Chancellor will have some wiggle room in November's budget."The figures came in after a week where US President Donald Trump and Canadian Prime Minister Justin Trudeau have hailed the prospects for Brexit Britain and suggested that it could bring new prosperity through trade deals once free of Brussels rule.. 00FastNews. Please Subscribe!
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We don't need EU! Brexit effect brings UK borrowing down to lowest level in DECADE
BRITAIN’S Brexit boom has brought Government borrowing down to its lowest level for 10 years. According to figures from the Office for National Statistics (ONS) net public borrowing dropped by £1.3 billion to £5.7 billion in contrast to the year before.It means Theresa May’s government in on track to balance the books and is the lowest level of borrowing since the last Labour Government oversaw the banking crisis which caused the biggest economic crash since the 1930s.The figure was below the estimate put out by many leading economists and is evidence that the Remain campaign’s Project Fear is wrong in suggesting Brexit would severely damage the economy.It means Government borrowing for the current financial year – April to August 2017 - eased back by £200 million to £28.3 billion - also the lowest level for 10 years. The Office for Budget Responsibility (OBR) – Britain's fiscal referee – has forecast borrowing to come in at £58.3 billion for the financial year ending in March 2018.Mrs May has vowed to deliver a balanced budget by the "middle of the next decade", knocking back Mr Hammond's previous target of putting the public finances back in the black by 2020.A spokesman for the Treasury said: "We have made substantial progress in reducing the deficit, whilst taking a balanced approach that allows us to invest in our infrastructure and public services. "This approach is working but the national debt is still too high, so we must continue to live within our means and start reducing our debt."Howard Archer, chief economic adviser at EY ITEM Club, said the result was a boost for the Chancellor as November's budget looms.He said: "It looks increasingly like the Chancellor will have some wiggle room in November's budget."The figures came in after a week where US President Donald Trump and Canadian Prime Minister Justin Trudeau have hailed the prospects for Brexit Britain and suggested that it could bring new prosperity through trade deals once free of Brussels rule.. 00FastNews. Please Subscribe!
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►► Follow Me: https://www.twitter.com/00FastNews/
https://www.youtube.com/channel/UClk21WmIYqyxp5vWuQDRklA/
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PLAYLISTS:
Breaking News: https://goo.gl/i65GD5
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Not willing to negotiate: NO ONE from Euro Commission to attend May’s Brexit speech: http://youtu.be/NxyOHS68K3A
Hurricane Maria path: Where is Maria now? Dominican Republic next in hurricane's track: http://youtu.be/MC-85lt9IKI
Hurricane Maria NOAA warning: 12 FOOT storm surge fears for Bahamas and Turks & Caicos: http://youtu.be/POK03VvM0cE
Juncker’s WORST nightmare: Macron demands EU treaty change or warns MORE states will leave: http://youtu.be/sXxJtG6MVck
Woman gives birth to miracle baby SEVEN years after having menopause: http://youtu.be/lyKWFyFPt3Y
Thank you for watching!