FX.co ★ UK Budget Deficit Narrows In March

The UK public sector net borrowing decreased in March, the Office for National Statistics said on Tuesday.

Public sector net borrowing excluding banks decreased by GBP 8.8 billion from the last year to GBP 18.1 billion in March. However, the deficit was the second-highest for the month of March since records began in 1993.

In the financial year ending March 2022, the budget deficit excluding banks totaled GBP 151.8 billion or around 6.4 percent of gross domestic product.

This was the third-highest financial year borrowing since records began in 1947 and also GBP 24 billion more than the 127.8 billion projected by Office for Budget Responsibility.

Public sector net debt excluding public sector banks was GBP 2.34 trillion at the end of March, or around 96.2 percent of GDP, data showed.