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| Government borrowing falls in April | Government borrowing falls in April |
| (32 minutes later) | |
| Government borrowing in April fell from a year earlier but still remains higher than pre-Covid levels. | Government borrowing in April fell from a year earlier but still remains higher than pre-Covid levels. |
| Borrowing - the difference between spending and tax income - was £18.6bn, down £5.6bn from a year earlier. | Borrowing - the difference between spending and tax income - was £18.6bn, down £5.6bn from a year earlier. |
| However, it was the fourth-highest April borrowing since monthly records began, and was £7.9bn higher than in April 2019, before the pandemic. | However, it was the fourth-highest April borrowing since monthly records began, and was £7.9bn higher than in April 2019, before the pandemic. |
| Borrowing surged during the pandemic as the government spent billions to support the economy. | Borrowing surged during the pandemic as the government spent billions to support the economy. |
| April's borrowing figure was slightly lower than forecast, with the government's independent forecaster - Office for Budget Responsibility - having predicted borrowing of £19.1bn. | |
| Tax revenues rose by £5.5bn to £50.2bn in April, the Office for National Statistics (ONS) said, with last month seeing the first contributions from the increase to National Insurance. | |
| However, government spending during the month also included the £3bn cost of the council tax rebate, under which many households will receive £150 to help with higher energy bills. | |
| Interest payments on government borrowing were £4.4bn in April, and while that was down from £4.9bn last year these payments are expected to rise over the coming months as they are linked to inflation rates. | |
| Chancellor Rishi Sunak, said: "While we are doing what we can to help families deal with rising prices, inflation is also pushing up our spending on debt interest - which is expected to reach £83bn this year. | |
| "We must take a balanced and responsible approach to support people now, while also not burdening future generations, and we're on track to drive public debt down by 2024-25." | |
| The ONS also cut its estimate for borrowing during the previous financial year by £7.2bn to £144.6bn, although this was still the third-highest financial year borrowing total since records began in 1947. | |
| "The lower-than-expected public borrowing of £18.6bn in April and the downward revisions to borrowing in 2021/22 will only add to the pressure on the chancellor to go big when finalising the imminent support package for households," said Paul Dales, chief UK economist at Capital Economics. | |
| "We think any support will be small and targeted rather than big and widespread." |