Significant revisions leave public finances in a stronger position than initially estimated

Revisions to net borrowing and debt put UK public finances below the OBR forecast after two months of overestimated spending. Cumulative net borrowing is now £7.5 billion below forecast, leaving some fiscal space.

Although revisions to previous estimates put UK public finances on a better heading, the Government is still borrowing at some of the highest levels seen since records began, while debt servicing continues to grow. 

Current levels of borrowing

June saw a net borrowing level of £18.5 billion, bringing this fiscal year’s cumulative borrowin