Mumbai, April 23 -- UK government borrowing dropped to its lowest level in three years, though pressures from the Iran war could weigh on the outlook.
The fiscal deficit stood at £132 billion in the year through March, down by £19.8 billion from 2024-25 and broadly in line with the £132.7 billion forecast by the Office for Budget Responsibility. For March alone, borrowing was £12.6 billion, according to the Office for National Statistics.
Following the data, the Debt Management Office lowered its gilt issuance plans. The government now expects to sell £246.2 billion in bonds in the 2025-26 fiscal year, nearly £6 billion less than its previous estimate. This revision came after a cash-based borrowing measure w...