Thread by @faisalislam

Full year government borrowing figures just released...

£303bn deficit in 2020/21, 14.5% of GDP, post war record, though lower than OBR projection of £327bn

Taxes down £34bn on previous year
Spending up £203bn (78bn on furlough/jobs support)

Interest payments on national debt now at 98% of GDP, was ...

down a fifth on the year before.., £39bn this financial year versus £48bn the year before

Also March tax receipts were basically same as last March.

falls in VAT, business rates, fuel duty, balanced off by notable increases in

Stamp duty
Self assessment
Capital gains
PAYE
Customs

Also retail sales recovering sharply in March, even before physical reopening of shops, especially clothing. Attributed to fact that people wanted to look good before they saw their friends in person again, apparently...

colleague @KatyAustinNews flags trading update from owners of restaurants Franco Manca &Real Greek...

Total sales from outdoor seating alone higher than same period in April 2019.

Looking to snap up prime sites elsewhere now available after insolvencies

investegate.co.uk/fulham-shore-p…

* these are provisional figures - will be changed, likely increased, for example when likely losses from COVID business loan schemes are accounted for. Could add a few tens of billions.

Debt Management Office has cancelled ten auctions and revised down funding requirement by £43bn following less bad than expected public finances, sale of some crisis banking assets... dmo.gov.uk/media/17432/pr…