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The British public sector spent more money than it received in taxes and other income in March 2020, as greater effects of COVID-19 on the public finances are expected ahead, the Office for National Statistics (ONS) said Thursday.
According to the ONS' first provisional estimates, the country's public sector (net borrowing excluding public sector banks) borrowed 3.1 billion pounds (about 3.83 billion U.S. dollars), 3.9 billion pounds (4.82 billion dollars) more than in March 2019 and the highest borrowing in any March since 2016.
"Given these uncertain times, (the borrowing is) broadly in line with the 2.7 billion pounds (3.33 billion dollars) market expectation," tweeted Fraser Munro, public sector finance statistician at the ONS.
"Borrowing is likely to be revised up when improved data are available about the effect of the coronavirus measures," said the ONS.
To help the country get through the difficult times, the British government has launched a package of schemes for businesses and individuals since March, covering loans for various-scaled firms and wages supplements for employees and self-employed.
The national statistical institute said the difference between central government's income and spending made the largest contribution to the amount borrowed by the public sector.
In March 2020, the central government receipts fell by 0.7 percent compared with March 2019 to 67.2 billion pounds (82.92 billion dollars). At the same time the government spent 72.6 billion pounds (89.6 billion dollars), with an increase of 11.2 percent on March 2019.
"The coronavirus pandemic is expected to have a significant impact on the UK public sector finances...The full effects of COVID-19 on the public finances will become clearer in the coming months," said the ONS.
