Government borrowing in the April-to-June period fell to its lowest level since 2007, official figures show. The news could mean that Chancellor Philip Hammond has room to change course in the Autumn Budget and issue a softer budget for the UK.
Borrowing for the financial year so far has reached £16.8bn, £5.4bn less than in the same period in 2017, the Office for National Statistics said. June’s borrowing figure fell to £5.4bn, which was down from £6.2bn a year ago but was slightly larger than expected. Analysts said borrowing was falling faster than predictions had indicated, pointing to a less austere Budget.
Over the financial year to March 2019, the Office for Budget Responsibility (OBR), which produces the official government forecasts, expects the public sector to borrow £37.1bn. That amounts to about one-quarter of what it borrowed in 2009-10, at the peak of the financial crisis.
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