Financial News: UK Budget Deficit Overshoots Estimate

UK Budget Deficit Overshoots Estimate

03/21/2025 - 04:48:00 (RTTNews)

(RTTNews) - The UK budget deficit exceeded official estimate in February on higher spending, figures from the Office for Statistics revealed Friday.

Public sector net borrowing rose to GBP 10.7 billion from GBP 10.6 billion in the previous year. Economists had forecast the borrowing to drop to GBP 7.0 billion.

This was the fourth biggest February borrowing since monthly records began in 1993 and also exceeded the GBP 6.5 billion estimated by the Office for Budget Responsibility.

Data came ahead of UK Chancellor's Spring Statement due on March 26. Chancellor Rachel Reeves is set to provide an update on the economic health and the progress made since the autumn budget.

Expenditure grew GBP 3.8 billion to GBP 93.0 billion in February. At the same time, receipts advanced GBP 3.2 billion to GBP 87.7 billion.

In the financial year to February, borrowing totaled GBP 132.2 billion, which was GBP 14.7 billion more than at the same point in the last financial year.

Borrowing marked the third highest level for the financial year-to-February since records began in 1993.

Borrowing in the financial year to February was GBP 20.4 billion more than the GBP 111.8 billion forecast by the OBR.

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