UK Borrowing Hits £57.6 Billion, Beating Forecast by £2.7 Billion
Updated
Updated · Bloomberg · Jul 21
UK Borrowing Hits £57.6 Billion, Beating Forecast by £2.7 Billion
3 articles · Updated · Bloomberg · Jul 21
Summary
Britain ran a £57.6 billion budget deficit in April-June, overshooting the Office for Budget Responsibility’s March forecast by £2.7 billion in an early setback for Chancellor John Healey.
The gap underscores the pressure on Healey to keep public finances on track as the new government confronts inherited fiscal strains.
June alone offered some relief: UK borrowing fell to £16 billion, £7.9 billion below a year earlier, according to Office for National Statistics figures.
Even with that monthly improvement, the first-quarter overshoot highlights how narrow the government’s room for maneuver remains on spending, tax and debt.