UK public borrowing falls as economy bounces back from pandemic Government borrowing was £18.6bn last month, according to the Office for National Statistics. The figure was down by £5.6bn from a year ago but is the fourth-highest April figure since records began in 1993. The figure is down slightly on the £19.1bn forecast by the Office for Budget Responsibility. In the fiscal year to March, the public sector borrowed £144.6bn, less than half the borrowing in the previous year, as the economy bounced back from the pandemic. Borrowing fell in April compared with last year because tax receipts increased as the economy grew and the withdrawal of government pandemic support schemes for households and businesses brought down spending. The freezing of tax thresholds over recent years and the hike in NICs also saw tax receipts rise to £70.2bn in April, £9.9bn more than in the same month last year. However, surging inflation is expected to wipe away any recent boost to public finances. The 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.”