Borrowing – the difference between total public sector spending and income – was £12.6 billion in March 2026; this was £1.4 billion less than in March 2025 and the lowest March borrowing since 2022 (not adjusted for inflation). Borrowing in the financial year ending (FYE) March 2026 was initially estimated at £132.0 billion; this was £19.8 billion (13.1%) less than in the FYE March 2025, and £0.7 billion less than the £132.7 billion forecast by the Office for Budget Responsibility (OBR). Borrowing in the FYE March 2026 was initially estimated at 4.3% of gross domestic product (GDP); this was 0.9 percentage points ... (full story)