U.K. Will Take Generation to Cut Borrowing, Debt Chief Says
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It will take a “generation” before the U.K.’s borrowing shrinks back to pre-financial crisis levels, according to Robert Stheeman, chief executive officer of the Debt Management Office.
The nation’s gross financing requirement for the next fiscal year rose to 171 billion pounds ($268 billion), the DMO said after the government’s Autumn Statement earlier this month. That’s an increase of 20 billion pounds from the forecast in the March budget, highlighting the challenges lawmakers face as they try to control Britain’s borrowing.