UK government borrowing falls to 17-year low
The Office for National Statistics said borrowing in the latest full financial year, to March 2019, was estimated to be £24.7bn. That was £17.2bn less that in the previous year, and the lowest yearly borrowing for 17 years.
It was, however, ahead of the £22.8bn forecast by the Office of Budget Responsibility.
Public sector net debt, excluding public sector banks was £1,801bn, up £22.1bn on March 2018. That was slightly below the OBR's forecast of £1,803bn.
In March, the public sector borrowed £1.7bn, after the government spent more than it received in taxes and other incomes. That was well above March 2018's figure of £800m and above a consensus for £400m. ■