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UK borrowing at lowest level in a decade

21st Feb 18 3:00 pm

ONS will also probe the impact of Carillion’s collapse on public sector finances

According to the Office for National Statistics (ONS) today, UK government’s borrowing for the financial year so far is at its lowest level since January 2008.

“Overall, it now looks clear that borrowing in 2017/18 will undershoot our November forecast by a significant margin,” the watchdog said today after January data showed borrowing for the year to date was 16 per cent lower than in 2016-17 following stronger than anticipated tax receipts.

January, according to the Financial Times, recorded a £10bn net borrowing surplus— £1.6bn lower than the same month in 2017— but the second-highest surplus since the series started in April 1993.

However, ONS added that it would be looking into the impact of Carillion’s liquidation on the public sector finances “both in relation to the public-private partnership projects” and “the additional funding that government has provided in order to maintain public services”.

“We will announce our findings in due course,” it said.


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