KPMG UK comments on today's labour market figures

“Public finances continues to face pressure as net borrowing reached £17.8bn in December. In large part, this has been driven by higher underlying borrowing which strips out interest payments and was £6.1bn more than expected in the nine months to December.”

“So far, lower than expected interest costs have partly offset this increase, as interest costs have been around £2bn below the OBR’s forecast. However, as the market volatility of the past week shows, uncertainty about the future path of interest rates could risk higher borrowing in the future.

“Overall public sector borrowing for 2024-25 could reach £115.3bn, somewhat below the OBR’s October estimate.”

 

-ENDS-

 

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Notes to Editors:

About KPMG

KPMG LLP, a UK limited liability partnership, operates from 20 offices across the UK with approximately 18,000 partners and staff. The UK firm recorded a revenue of £2.96 billion in the year ended 30 September 2023.

KPMG is a global organisation of independent professional services firms providing Audit, Legal, Tax and Advisory services. It operates in 143 countries and territories with more than 273,000 partners and employees working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients.