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- UK public sector net borrowing reached its highest level since 1993 in March
UK public sector net borrowing reached its highest level since 1993 in March
According to the report from Office for National Statistics, public sector net borrowing in the UK is estimated to have been £28.0 billion in March 2021, £21.0 billion more than in March 2020, above forecasts of £22.5 billion. It is the highest March borrowing since monthly records began in 1993.
Public sector net borrowing in the financial year-to-March 2021 is estimated to have been £303.1 billion, £246.1 billion more than in the same period of 2020 and the highest nominal public sector borrowing in any financial year since records began in 1947.
Expressed as a ratio of gross domestic product (GDP), public sector net borrowing (excluding public sector banks, PSNB ex) in the FYE March 2021 was 14.5%, the highest such ratio since the end of World War Two, when in FYE March 1946 it was 15.2%.
Public sector net borrowing (excluding public sector banks, PSNB ex) in the FYE March 2021 is estimated to have been £24.3 billion less than the £327.4 billion expected by the Office for Budget Responsibility in their Economic and Fiscal outlook – March 2021 on a like for like basis.
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