UK Government Borrowing Declines by Nearly £20bn
UK government borrowing decreased by almost £20 billion last year, according to the latest official data.
Borrowing, defined as the gap between government spending and tax income, amounted to £132 billion in the year ending March, the Office for National Statistics (ONS) reported.
This figure was slightly below the £132.7 billion forecasted by the Office for Budget Responsibility (OBR), the government's independent economic forecaster.
March Borrowing Figures
The ONS indicated that borrowing in March alone was £12.6 billion, which is £1.4 billion less than the same month the previous year. This represents the lowest March borrowing since 2022.
Borrowing as Percentage of GDP
Borrowing fell to 4.3% of GDP in the year to March, marking its lowest level since the 2019-20 period, just before the onset of the Covid-19 pandemic.
"Although spending has risen this financial year, this was more than offset by increased receipts," said ONS senior statistician Tom Davis.
