BusinessCompany NewsUK borrowing figures set to overshoot forecasts

UK borrowing figures set to overshoot forecasts

Public borrowing for 2002 may overshoot chancellor Gordon Brown's forecasts, made just three weeks ago, by as much as £10bn.

Link: Top economists unsure of Brown’s forecasts

As official figures published yesterday showed the UK’s finances falling further in to the red, economists are predicting that Britain’s net borrowing for the year could be as high as £30bn, a significant increase on the prediction of £20bn made in Brown’s pre-Budget report.

The rise in borrowing could lead to higher taxes or cuts in public spending in the long-term and could force the chancellor to adjust his public borrowing requirement figures again in the March Budget.

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