Government borrowing falls by £20bn in year to March

UK government borrowing fell by almost £20bn last year, according to the latest official figures.

Borrowing, the difference between spending and income from taxes, was £132bn in the year to March, the Office for National Statistics said.

The total was slightly below the £132.7bn that had been predicted by the government's independent forecaster, the Office for Budget Responsibility (OBR).

The ONS said borrowing in the month of March was £12.6bn. This was £1.4bn less than a year earlier, and lowest March borrowing since 2022.

The ONS said borrowing fell to 4.3% of GDP in the year to March - its lowest level since 2019-20, just before the Covid pandemic.

"Although spending has risen this financial year, this was more than offset by increased receipts," said ONS senior statistician Tom Davis.