UK govt March borrowing comes in higher-than-expected

(Sharecast News) - UK government borrowing was higher than expected in March, producing a budget deficit that was £6.6bn higher than forecast, official data revealed on Tuesday. Public sector net borrowing, excluding state-controlled banks, came in at £12bn in March, the Office for National Statistics said. This was above expectations of around £10bn.

Borrowing in the financial year ending March 2024 was provisionally estimated at £120.7bn, down £7.6bn than a year ago, but £6.6bn more than forecast by the Office for Budget Responsibility (OBR).

Public sector net debt excluding public sector banks at the end of March 2024 was provisionally estimated at 98.3% of GDP; 2.6 percentage points more than at the end of March 2023, and remains at levels last seen in the early 1960s, the ONS said.

Reporting by Frank Prenesti for Sharecast.com