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Ross Campbell, ICAEW Public Sector Director, claimed that Chancellor George Osborne has “taken his eye off the economic ball” in the run up to the EU Referendum that is taking place today.

Commenting on the Public Sector Finances for May 2016, which were published yesterday by the ONS, Campbell said: “The impending EU referendum vote has contributed to an uncertainty that has resulted in a sluggish UK economy”.

He added that “it was imperative that the Chancellor put public sector finances at the top of his priority list for May 2016.

“An increase of £0.2 billion in public sector net borrowing in the current financial year-to-date, when compared with the same period in 2015, illustrates that he has done quite the opposite and has taken his eye off the economic ball.”

Public sector net borrowing (excluding public sector banks) increased to £17.9 billion in the current financial year-to-date (April to May 2016) compared with the same period last year.

Campbell continued, “Whatever the result on Friday morning, whether we remain in or leave the European Union, it is vital that Government devises a comprehensive and rigorous strategy to kick-start a faltering economic recovery.”

You can read the Public Sector Finances for May 2016 in full here.

Do you think Chancellor George Osborne has “taken his eye of the economic ball”? Leave your comments in the section below.

About The Author

Karl Bilby

We work very closely with our expert accountants to bring you the latest factually correct tax and accounting news. We also enjoy writing about small business news that we hope you find useful!

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