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Budget deficit continues to fall faster than expected

Government borrowing in June 2021 was £22.8 billion, down over 19 per cent from last year. Year-to-date borrowing of £69.5 billion is now £19.0 billion below our March forecast profile. That reflects both stronger-than-expected receipts (consistent with the faster economic rebound in recent months) and lower-than-expected spending (perhaps reflecting continued shortfalls in spending on pandemic-related programmes).

Line chart showing cumulative public sector net borrowing

Fiscal risks report press briefing

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Five year forecasts for the UK economy and public finances and an assessment of whether the Government is likely to achieve its fiscal targets.

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50 year ahead projections for the UK public finances and public sector balance sheet analysis. Also the recent vehicle for our Coronavirus scenarios.

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Report into how our forecasts compare to subsequent outturn data and identifying lessons for future forecasts.

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An in-depth look at the drivers of welfare spending both inside and outside the Government’s welfare cap.

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