UK public borrowing less than expected in financial year
The Office for National Statistics (ONS) has today revealed UK public sector borrowing came in lower than expected for the fiscal year.
According to the ONS, public sector net borrowing (excluding interventions such as bank bail-outs) was £18.6 billion in March, taking the total for the fiscal year 2010-11 to £141.1 billion – less than the £146 billion forecast by the Office for Budget Responsibility.
March’s figure was in line with analysts forecasts but follow February’s figure of £11.8 billion, which represented a record for that month of the year and was double expectations.
Today’s figures suggest Chancellor George Osborne’s deficit reduction plan is making progress, despite criticism that the cuts would derail the economic recovery.