Against a backdrop of slowing GDP growth and high interest rates, December’s overshoot in borrowing is further disappointing news for the Chancellor. That said, most of the overshoot was because of a one-off payment and components that are heavily revised so the figures may not be as bad as they first appear. But the figures still leave the current budget deficit on track to overshoot the Office for Budget Responsibility’s forecast of £55.5bn in the 2024/25 fiscal year by £0.8bn.
Become a client to read more
This is premium content that requires an active Capital Economics subscription to view.
Already have an account?
You may already have access to this premium content as part of a paid subscription.
Sign in to read the content in full or get details of how you can access it
Register for free
Sign up for a free account to:
- Unlock additional content
- Register for Capital Economics events
- Receive email updates and economist-curated newsletters
- Request a free trial of our services