Umunna – Brexit Sterling slump to blame for increase in public sector borrowing

Commenting on the increase in public sector net borrowing in June, Chuka Umunna MP, leading supporter of Open Britain, said:

“These stark figures show that the Brexit effect is already pushing up Government borrowing. Higher inflation caused by the Sterling slump has forced the Government to pay higher interest on its debt.

“Leave campaigners spent the referendum campaign promising a Brexit bonanza for our public services but instead of £350 million extra a week for the NHS, we are borrowing more and there is less money to spend on our NHS. 

“Hard Brexit will leave the country hard-up. The promised Brexit Garden of Eden looks to have been planted entirely with magic money trees.”

/ends

Notes to editors:

Public sector net borrowing, excluding state-owned banks, rose to £6.9bn in June, up £2bn from a year earlier. The rise is reported here:http://www.bbc.co.uk/news/business-40679277