July 21, 2020 / 12:05 PM / 22 days ago

Record UK public borrowing less than forecast, watchdog says

LONDON (Reuters) - Britain’s record 128 billion pounds ($163 billion) of public borrowing in the three months to June is slightly less than expected, the country’s budget watchdog said on Tuesday, due to surprisingly strong tax revenue and a somewhat smaller rise in spending.

The Office for Budget Responsibility said borrowing was currently running 14.8% or 22.3 billion pounds below its central scenario for the 2020/21 of 322 billion pounds.

“That reflects lower departmental spending and loan guarantee write-off costs that are not yet incorporated in the outturn data, as well as surprisingly strong June tax receipt,” the OBR said.

Reporting by David Milliken; Editing by Alistair Smout

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