Government borrowing fell to £7.8 billion in December 2023 giving Chancellor
Jeremy Hunt more scope to make the tax cuts he has hinted at in the Spring
Budget.
The Office for National Statistics (ONS) data revealed that government borrowing
for last December was around half of that borrowed in December 2022.
It also showed that interest payable on government debt fell to £4 billion in
December 2023, down by £14.1 billion when compared to December 2022.
During the World Economic Forum's annual meeting in Davos, Switzerland, Mr Hunt
hinted that he wants to cut taxes
The Chancellor said:
'In terms of the direction of travel we look around the world and we note
that the economies growing faster than us in North America and Asia tend to
have lower taxes, and I believe fundamentally that low-tax economies are
more dynamic, more competitive and generate more money for public services
like the NHS.
'That's the direction of travel we would like to go in but it is too early to
say what we are going to do.'
The Chancellor will present the Spring Budget on Wednesday 6 March 2024.
Internet link: ONS website GOV.UK