October 20, 2017 / 11:23 AM / in a year

UK budget performance likely overstates borrowing outlook improvement - watchdog

LONDON (Reuters) - The strong performance of Britain’s public finances so far during the current financial year probably overstates how much official forecasts are likely to be revised down next month, the body which compiles the forecasts said on Friday.

FILE PHOTO: People sit outside a coffee shop in Rochester, Britain, August 8, 2017. REUTERS/Hannah McKay/File Photo

With the first half of the 2017/18 financial year complete, government borrowing is down 7.2 percent on the same period a year ago.

“This is likely to overstate the extent to which full-year borrowing will be revised down in our November forecast,” the Office for Budget Responsibility said in a statement, adding that it expected revenues from self-assessed tax receipts around the turn of the year to be weaker than a year ago.

The OBR’s new forecasts will be published alongside the government’s annual budget on Nov. 22.

Reporting by Andy Bruce, editing by David Milliken

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