Budget Deficit Remains High, But Now Falling On Last Year

25th May 2021

Government borrowing in April 2021 of £31.7 billion was £15.6 billion below last April and £7.3 billion below the profile consistent with our most recent forecast.

The shortfall against forecast mostly relates to the timing of payments to the EU. The underlying outperformance is just £1.8 billion. Compared to last April, at the start of the coronavirus pandemic, spending is down £12.9 billion, while receipts are up £3.8 billion.