March 13, 2020 / 1:05 PM / 25 days ago

UK forecasters tweak latest government borrowing estimate

LONDON (Reuters) - Britain’s budget forecasters made very minor changes to the borrowing projections released alongside Wednesday’s long-delayed budget, to meet a legal requirement to produce a second forecast before the financial year ends this month.

“This update does not reflect any news in respect of coronavirus and the policy response to it by the Bank of England and Treasury,” the Office for Budget Responsibility said.

The OBR trimmed its forecast for public sector net borrowing in the 2019/20 financial year to 47.2 billion pounds ($58.9 billion) from 47.4 billion pounds, and nudged down its 2021/22 borrowing forecast to 66.6 billion pounds from 66.7 billion pounds.

Growth forecasts for the next five years were unchanged.

Reporting by David Milliken, editing by Andy Bruce

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