UK annual government borrowing higher than forecast in blow to Chancellor
by Holly Williams
Apr 23, 2024
2 minutes
Chancellor Jeremy Hunt has been dealt a blow after official figures revealed borrowing for the last financial year overshot forecasts, hitting £120.7 billion as wages and benefit payments soared.
The Office for National Statistics (ONS) estimated that full-year public sector net borrowing was £7.6 billion less than in 2022-23, but £6.6 billion more than predicted by the UK’s official forecaster.
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