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Financial News: UK Likely To Revise Down Budget Deficit Forecast:

UK Likely To Revise Down Budget Deficit Forecast: EY ITEM Club

02/20/2017 - 00:43:00 (RTTNews)

(RTTNews) - The Office for Budget Responsibility is likely to deliver some rare good news to the UK Chancellor by revising down its forecast for budget deficit in the current fiscal year, a report from the EY ITEM Club showed Monday.

The OBR is set to revise down the forecast for the U.K. public sector net borrowing by GBP 3 billion to around GBP 65 billion in 2016-17. The improvement reflects a stronger-than-expected performance from tax receipts.

The think tank also expects the government to revise its growth outlook to 1.6-1.7 percent from 1.4 percent this year.

Also, an increase to last November's forecast for debt servicing costs, to around GBP 2 billion in 2020-21 is expected.

The fiscal policy faces long-running challenges on both the revenue and public spending sides. With the Chancellor Philip Hammond having positioned the new autumn Budget as the year's main policy event, he's unlikely to use March 8 to announce major policy measures.

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