23.04.202606:13:53UTC+00UK Public Borrowing Narrows in March

UK public sector net borrowing (excluding public sector banks) narrowed to £12.6 billion in March 2026, down from £14.0 billion in the same month a year earlier, but remained above market expectations of £10.4 billion. For the financial year ending March 2026, public sector net borrowing totalled £132.0 billion, £19.8 billion less than in FYE March 2025 and £0.7 billion below the Office for Budget Responsibility’s £132.7 billion forecast, marking a three-year low. Total public sector receipts rose to £1,230.8 billion, an increase of £92.1 billion year-on-year, underpinned by an £87.7 billion (9.1%) rise in tax revenues and National Insurance contributions. At the same time, public sector spending increased to £1,362.8 billion, up £72.2 billion from a year earlier, driven by higher expenditure on public services, welfare benefits, and debt interest. Public sector net debt reached 93.8% of GDP at the end of March, 0.6 percentage points higher than a year before.