LONDON (Reuters) -Britain's statistics office said on Wednesday that government borrowing in the previous and current fiscal years was a combined 3 billion pounds ($4.02 billion) lower than previously
UK Adjusts Government Borrowing Estimates Downward by £3 Billion
Impact of Tax Data Correction on Government Borrowing
LONDON (Reuters) -Britain's statistics office said on Wednesday that government borrowing in the previous and current fiscal years was a combined 3 billion pounds ($4.02 billion) lower than previously reported after a value added tax receipt data error was found.
Details of the Borrowing Adjustment
"Correcting for the error reduces public sector net borrowing by between 200 million pounds and 500 million pounds per month within the period affected, resulting in a reduction in borrowing of 1 billion pounds for the financial year ending March 2025 and a reduction of 2 billion pounds for the financial year to date," the Office for National Statistics said.
Monthly Borrowing Reduction Explained
($1 = 0.7468 pounds)
(Reporting by Alistair SmoutWriting by William Schomberg; editing by Sarah Young)
