Rise in borrowing slower than forecast so far in 2019-20

Borrowing has risen so far this year, but, following substantial revisions over the past two months, the year-to-date rise is now slower than the full-year rise in our restated March forecast. That said, with four months of the year to go, risks remain: January is a big month for receipts, while bonus season and end-year departmental spending are always sources of uncertainty.