By Lea Pachta
Commenting on the public finance figures published today by the ONS, David Kern, Chief Economist at the British Chambers of Commerce (BCC) said:
“April’s borrowing figures were broadly as expected and highlight the urgent need to produce a detailed, credible plan for reducing the UK’s unsustainable deficit.
“The deficit in the financial year to March was smaller than was estimated in the Budget, which should help the UK to maintain its AAA credit rating. However, there is no room for complacency. Without a deficit-reduction plan, the UK may still be vulnerable.”
Also commenting on the business investment figures, Mr Kern added:
“Importantly, business investment has risen in the first quarter of 2010 after long declines. But, investment is still 11% lower than a year ago, and action must be taken to ensure further increases throughout this year and beyond.
“Unless business investment continues to grow, UK productivity will suffer and the economy will lack the capacity to meet growing demand as the recovery gathers momentum.”
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