Year-to-date deficit rises, but by less than forecast

Borrowing in the first nine months of 2022-23 was £128.1 billion, up £5.1 billion on last year but £2.7 billion below our November forecast profile in the headline figures and £11.3 billion below profile on a like-for-like basis (correcting for a temporary difference in student loans figures in our forecast profile versus ONS outturn). This surprise was broad-based across central government receipts and spending, as well as borrowing by both local authorities and public corporations.