Finance minister Jeremy Hunt on Wednesday announced lower forecasts for Britain's budget deficit, citing new projections from the Office for Budget Responsibility.
Public sector net borrowing excluding state-owned banks was on course to total 4.5% of economic output in the current 2023/24 financial year, Hunt said, compared with a previous forecast made in March of 5.1%.
For 2024/25, borrowing was projected at 3.0% compared with the OBR's March forecast of 3.2% of economic output.
