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Financial News: UK Budget Deficit Widens In March

UK Budget Deficit Widens In March

04/25/2017 - 04:52:00 (RTTNews)

(RTTNews) - The UK budget deficit widened in March, data published by the Office for National Statistics showed Tuesday.

Excluding banks, public sector net borrowing increased by GBP 0.8 billion from prior year to GBP 5.1 billion in March. This was the highest March borrowing since 2015.

At the end of March, public sector net debt was GBP 1.72 trillion, equivalent to 86.6 percent of gross domestic product.

In the financial year ending March 2017, PSNB decreased by GBP 20 billion to GBP 52.0 billion. This was the lowest deficit since the financial year ending March 2008.

The Office for Budget Responsibility had forecast that PSNB would be GBP 51.7 billion in the financial year ending March 2017.

March's UK public sector finances figures confirmed the large fall in borrowing that the OBR expected in the 2016-17 fiscal year but, with much of the drop due to temporary factors, borrowing is set to rise in 2017-18, Scott Bowman, a UK economist at Capital Economics, said.

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