UK's Hunt outlines new budget deficit forecasts

Finance minister Jeremy Hunt on Wednesday announced a lower forecast for Britain's budget deficit in the current financial year, but a slightly higher one for 2024/25, citing new projections from the Office for Budget Responsibility.

Public sector net borrowing excluding state-owned banks was on course to total 4.2% of economic output in the current 2023/24 financial year, Hunt said, compared with a previous forecast made in November of 4.5%.

For 2024/25, borrowing was projected at 3.1% compared with the OBR's November forecast of 3.0% of economic output, and 2.7% in 2025/26, unchanged from November.