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Economics

U.K. Borrowing Undershoot Hands Sunak $18 Billion Windfall

Chancellor has money in hand to deal with living costs crisis
Improvement comes despite soaring debt-interest costs

Rishi Sunak — Rishi Sunak
Photographer: Chris J Ratcliffe/Getty Images

By

Andrew Atkinson and

January 25, 2022, 7:33 AM UTCUpdated onJanuary 25, 2022, 10:14 AM UTC

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U.K. government borrowing came in well below official forecasts for the first nine months of the fiscal year, giving Chancellor of the Exchequer Rishi Sunak room to cancel a planned tax increase that threatens to deepen the cost of living crunch facing households.