UK borrows more than expected in March

Public sector net borrowing came in at £16.7bn in March including bank interventions, versus expectations of £14bn. Excluding interventions borrowing stood at £15.1bn versus expectations of £15.5bn, lower than £16.7bn last year.

Tax revenue fell by 5.7 per cent while spending fell by 4.7 per cent. The deficit narrowed to £120.6bn.