UK public-sector borrowing rises more than expected
By Benjamin Chiou
Date: Wednesday 23 Apr 2025
(Sharecast News) - Public sector borrowing in the UK rose more than expected last month, marking the third-highest March borrowing since records began in 1993.
Borrowing, defined as the difference between total public sector spending and income excluding public sector banks, widened to £16.4bn in March, up from £12.3bn in February and from £13.6bn in March 2024.
The consensus forecast was for a reading closer to £16.1bn.
The only other times when borrowing was higher in the month of March was at the height of the Covid pandemic in 2021 and amid surging energy prices in 2023.
Borrowing in the financial year ending March was £151.9bn, £20.7bn more than in the same 12-month period a year earlier and well ahead of the £137.3bn forecast pencilled in by the Office for Budget Responsibility.
That's equal to 5.3% of UK GDP for the 12 months to March, 0.5 percentage points more than last year and the eighth highest value since the financial crisis in 2009.
The current budget deficit, defined as borrowing to fund day-to-day public sector activities, totalled £74.6bn in the year ended March, up £12.6bn on the year before and above the £60.7bn OBR estimate.
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