The ONS’s initial full-year estimate of government borrowing in 2023-24 is £120.7 billion (4.4 per cent GDP), a £7.6 billion (5.9 per cent) decrease on the previous year. This is £6.6 billion (5.8 per cent) higher than our March forecast. This difference is largely driven by the initial estimate of central government receipts, which is £5.3 billion lower than the March forecast.
April 23, 2024 – 134.40 KB
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First estimate of 2023-24 borrowing higher than forecast
April 23rd, 2024 | Home, Monthly public finances release
The ONS’s initial full-year estimate of government borrowing in 2023-24 is £120.7 billion (4.4 per cent GDP), a £7.6 billion (5.9 per cent) decrease on the previous year. This is £6.6 billion (5.8 per cent) higher than our March forecast. This difference is largely driven by the initial estimate of central government receipts, which is £5.3 billion lower than the March forecast.
Commentary on the public sector finances – March 2024