Borrowing in April slightly above forecast

Initial outturns for April 2024 suggest that borrowing was £1.2 billion (6.3 per cent) higher than our March forecast profile. This was driven by each of departmental expenditure on goods and services and spending on net social benefits coming in above forecast, and central government receipts coming in below forecast (by £0.8 billion in each case). Local authorities’ borrowing provided a partial offset. However, these data remain provisional at this time of year, in particular for departmental spending which is often subject to large revisions.