Government borrowing falls by £20bn in year to March
Summary
The UK government borrowed nearly £20 billion less in the year ending March, with total borrowing at £132 billion. This was below predictions and the lowest borrowing relative to the economy since before the COVID-19 pandemic.Key Facts
- UK government borrowing was £132 billion in the year to March.
- This amount is nearly £20 billion less than the previous year.
- Borrowing was slightly below the forecast of £132.7 billion by the Office for Budget Responsibility.
- Borrowing in March alone was £12.6 billion, £1.4 billion less than March the year before.
- March borrowing was the lowest since 2022.
- Borrowing fell to 4.3% of the UK's Gross Domestic Product (GDP), the lowest level since 2019-20.
- Increased tax income helped reduce borrowing despite higher government spending.
- The data come from the Office for National Statistics.
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