London: Annual UK government borrowing has fallen to a three-year low. Borrowing, the difference between spending and income from taxes, fell £19.8bn to £132bn in the year to March, the Office for National Statistics (ONS) said, marking the lowest level since the 2022-23 fiscal year.
According to Emirates News Agency, the total borrowing was slightly below the £132.7bn predicted by the government's independent forecaster, the Office for Budget Responsibility. The ONS reported that borrowing in March was £12.6bn, which was higher than analysts had expected. However, this figure was £1.4bn less than the amount borrowed in March of the previous year and represents the lowest March borrowing since 2022.
For the fiscal year ending in March, the ONS indicated that borrowing as a proportion of GDP was 4.3%, which is the lowest level since the 2019-20 fiscal year, just before the onset of the Covid pandemic.