Revisions push year-to-date borrowing above forecast

This morning’s ONS release shows that borrowing in the first eight months of 2024-25 totalled £113.2 billion. This is £0.4 billion below the same period last year but £2.0 billion above the monthly profile consistent with our October forecast. This difference reflects upward revisions to borrowing by local authorities and public corporations, which is only partially offset by lower-than-forecast central government expenditure.