Figures released by the Office for National Statistics (ONS) today show that the UK’s budget deficit increased to £8 billion in October, above expectations. This increase in the deficit was largely a result of increased interest payments on debts, partly due to increased inflation.
Commenting, Chris Leslie MP, leading supporter of Open Britain, said:
“Rather than delivering a huge windfall for public services and our economy, it is clear that Brexit is in fact damaging the public finances.
“Soaring inflation resulting from the fall in the value of the pound is resulting in rising debt costs. Our NHS and public services are being starved of vital funding. And the Brexit ‘war chest’ set aside by the Chancellor in March has now been virtually wiped out.
“The Chancellor is running out of headroom. Nobody voted to be worse off, or for a weaker economy, and as these new facts emerge people are entitled to keep an open mind about whether this is the right course for our country.”
Notes to Editors
The full report by the ONS can be read here.