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The Guardian - UK
The Guardian - UK
Business
Tom Knowles

UK undershoots annual borrowing target by £700m

Rachel Reeves United Kingdom Iran
Rachel Reeves attends the national growth debate in London.
Rachel Reeves has made reducing government borrowing a priority, with the national debt hitting 93.8% of of GDP in March. Photograph: Kirsty O’Connor/Treasury

The UK government budget came in below its annual borrowing target by £700m, official figures show – but the Iran war is likely to blow a hole in Rachel Reeves’s carefully calculated fiscal “headroom” over the coming months.

The government borrowed a net total of £132bn for the financial year ending in March, the Office for National Statistics (ONS) said. This slightly undershot the £132.7bn that the Office for Budget Responsibility (OBR) had forecast just last month.

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