UK Budget Deficit Overshot Forecast Even Before Tariffs Hit (2)

UK government borrowing exceeded official forecasts made just last month, highlighting the fragile state of the public finances even before US tariffs dimmed the economic outlook.

The budget deficit in the fiscal year through March was £151.9 billion ($202 billion), the Office for National Statistics said Wednesday. That’s more than the £137.3 billion forecast by the Office for Budget Responsibility, a figure that itself had been upwardly revised.

Borrowing in March alone was £16.4 billion. Economists surveyed by Bloomberg expected a deficit of £15.8 billion on average.

Chancellor of the Exchequer Rachel Reeves cut spending and raised taxes last ...