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
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