The UK’s public sector net borrowing was higher than expected in March, figures released by the National Bureau of Statistics were shown on Wednesday.
Public sector borrowing totaled £16.444 billion in March, up from £12.31 billion in February, exceeding £12.7 billion in the previous year. Additionally, the consensus cited by FXSTREET exceeded £160.5 billion.
In particular, the net borrowing for February was revised from the previously reported £10.7bn. This was primarily due to improved estimates of the monthly profile of local government obligations. The quarterly values have not been changed.
This was the third highest March borrowing since monthly records began in 1993, ONS noted.
“Compared to the annual value of the UK economy, borrowings in March 2025 (finished full year) were 5.3% of UK gross domestic product, 0.5 percentage points above the 12 months of the same period last year, tentatively estimated at the eighth highest value since the FYE 2009 financial crisis,” ONS said.
The borrowings for the year ended March 31 are tentatively estimated at £151.9bn, exceeding the office’s £137.3bn forecast for budgetary liability, estimated to be £20.7bn more than the previous year.
It also reported that the current fiscal deficit is estimated at £74.6 billion in March against an OBR forecast of £60.7 billion. The deficit increased by £12.6 billion a year.
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