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UK public sector borrowing showed its first annual fall since the start of the pandemic in April, dropping to £31.7 billion ($45.01bn) as parts of the economy reopened from a third lockdown.
Government borrowing was down from the £47.3bn registered in April last year when the first Covid-19 shutdown hammered the country’s public finances, according to the Office for National Statistics, however the figure was still the second highest for April since records began.
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Chancellor of the Exchequer Rishi Sunak said the government will continue its package of support to help businesses and workers “get back on their feet”.
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Britain’s borrowing hit £303.1 billion ($420.14bn) in March, after emergency pandemic support measures sent the annual figure to the highest level since the end of the Second World War.
The surge in public sector debt over the financial year, which ended last month, was £246bn higher than in the previous 12 months, with borrowing at 14.5 per cent of economic output, the highest ratio since 1946 when the figure was 15.2 per cent, according to the Office for National Statistics.
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Borrowing in March alone hit £28bn, a record high for that month, with the overall numbers reflecting the sharp rise in public sector spending and tax cuts as UK finance minister Rishi Sunak tried to offset the economic hit from the Covid-19 crisis.
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Government borrowing hit £303.1bn in year ending March
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05:03 PM
Sterling has a strong day
Sterling has had a strong day today, rebounding from a sharp fall on Thursday after strong retail sales and PMI figures were a positive sign for Britain s economic recovery.
It rose 0.07pc against the US dollar to $1.384, as the weak greenback continued a disappointing week ahead of the Fed s latest rates decision. The pound was down 0.4pc against the euro at €1.147.
“It’s hoped the trail will attract more tourists to South Canterbury, promoting job creation and boosting economic growth. The trail received $226,358 from the Timaru District Council’s Covid-19 stimulus fund followed by another major boost from Waka Kotahi NZ Transport Agency (NZTA) in late 2020. NZTA has provided $500,000 to build the 14 kilometre-long first stage, a shared use path between Washdyke and Pleasant Point. The contract has been awarded to Paul Smith Earthmoving. Munro expected the trail would be well-used by walkers, runners and cyclists some of whom would use it to commute. He said they were now considering a range of options for continuing on to Cave and Albury.