25 Apr 2024Figures have shown that UK borrowing over the last financial year was £7.6 billion lower when compared to the year before. The Office for National Statistics (ONS) data also showed that borrowing was £120.7 billion in the year to March - £6.6 billion more than the Office for Budget Responsibility (OBR) previously predicted. The figures revealed that the UK has a moderate current deficit of 3.0%. Debt levels are at their highest, however, at 89.4%. Cara Pacitti, Senior Economist at the Resolution Foundation, commented: 'Last year was one of high but falling inflation and rising interest rates, causing both spending and tax receipts to rise in nominal terms compared to the year before. 'While lower than last year, borrowing is already £6.6 billion higher than forecast at the Spring Budget last month. So far there are no signs of any new fiscal wriggle room emerging that might allow the Chancellor to announce another pre-election Budget in the Autumn.'