UK public borrowing less than forecast in last year

The UK government borrowed less than expected for the financial year to 1 April, posting a total of £141bn.

That is less than the £145.9bn forecast by the Office for Budget Responsibility, the BBC reports. The Office for Budget Responsibility had already lowered the figure by £2.5bn from the initial estimate of £148.5bn, while Chancellor George Osborne said he expects borrowing to fall to £122bn next year. However, monthly figures showed net public sector borrowing of £18.6bn in March, excluding interventions such as bank bail-outs. This follows a £11.8bn figure for February, which was nearly double the amount forecast by economists. Several measures such as VAT hikes and spending cut...