U.K. Borrowing May Be Revised Up in Spending Review

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U.K. Borrowing May Be Revised Up in Spending Review

U.K. government borrowing this fiscal year has undershot the Office for Budget Responsibility’s August forecast, but simply extending the current line is also unlikely to lead to an accurate figure. Such an exercise would fail to take account of the impact of the various restrictions on activity across the country, including the one-month lockdown imposed in England from Nov. 5 and extended income-support programs. Bloomberg Economics sees a greater likelihood of borrowing being revised up rather than down when U.K. Chancellor Rishi Sunak outlines his public spending plans on Wednesday.

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