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UK government borrowing falls to 17-year low

Christian Fernsby |
UK government borrowing has fallen to its lowest level since 2002, official estimates published on Wednesday showed.

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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.

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