Borrowing continues to fall faster than expected

Government borrowing in July 2021 was £10.4 billion, down £10.1 billion from the same month last year. Year-to-date borrowing of £78.0 billion is now £26.1 billion below our March forecast profile. That reflects both stronger-than-expected receipts (thanks largely to a faster-than-expected economic recovery) and lower-than-expected spending (due to the faster-than-expected unwinding of covid-related government support).