Financial News: UK Budget Deficit Exceeds Estimate

UK Budget Deficit Exceeds Estimate

04/23/2024 - 02:50:00 (RTTNews)

(RTTNews) - The UK public sector net borrowing declined in the financial year ending March but it remained well above the official estimate, data from the Office for National Statistics showed on Tuesday.

In the financial year ending March, provisionally estimated borrowing was GBP 120.7 billion, which was GBP 7.6 billion less than in the same period last year. However, it was GBP 6.6 billion more than forecast by the Office for Budget Responsibility.

At the end of March, public sector net debt excluding public sector banks was estimated at 98.3 percent of GDP. This was 2.6 percentage points more than at the end of March 2023.

In March alone, net borrowing declined GBP 4.7 billion from the last year to GBP 11.9 billion. The expected level was GBP 8.9 billion. Government receipts grew by GBP 6.6 billion to GBP 90.6 billion in March. Meanwhile, government expenditure declined by GBP 0.4 billion to GBP 102.5 billion.

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