Tax & Spend
UK Borrowing on Track to Undershoot as Inflation Boosts Tax
- Deficit for first 6 months of 23-24 £20 billion under forecast
- Hunt has signaled no tax cuts in Nov. 22 autumn statement
The headquarters of HM Treasury in London..
Photographer: Hollie Adams/BloombergThis article is for subscribers only.
An inflation-induced tax boom has left UK government borrowing on track to come in significantly below official forecasts this year, figures Friday show.
The budget deficit in the first six months of the fiscal year was £81.7 billion ($99 billion) - £15.3 billion above the same period last year but £19.8 billion less than the Office for Budget Responsibility forecast in March.