Government Borrowing in February Was Higher Than Expected: Report

Public sector net borrowing in February was higher than expected, amid higher social benefits and cost-of-living payments, according to official data. The Office for National Statistics (ONS) said on Thursday that the public sector spent more than it received in taxes and other income last month, requiring it to borrow £8.4 billion, higher than the £6 billion economists had forecast. Economists said it means the government could overshoot official borrowing forecasts from the independent Office for Budget Responsibility (OBR) for this fiscal year. Deputy Chief UK Economist at Capital Economics Ruth Gregory said this means that borrowing in March “will have to come in at just £7.2 billion for the OBR’s full-year forecast of £114 billion to be met.”...