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REFILE-UK will borrow significantly more in 2021/22 than previously expected: forecasts

·1 min read

(Clarifies headline to show UK will borrow more than previously expected)

LONDON, March 3 (Reuters) - Britain's government will borrow significantly more in the coming financial year than thought just a few months ago, according to forecasts presented by finance minister Rishi Sunak in his budget speech on Wednesday.

Sunak said the budget deficit in the 2021/22 financial year, which starts in April, is expected to be 234 billion pounds, or 10.3% of GDP, citing new forecasts from the Office for Budget Responsibility (OBR).

The OBR had previously projected a deficit of 164.2 billion pounds for 2021/22, or 7.4% of GDP.

A Reuters poll of primary dealers of British government debt had pointed to a 180 billion pound deficit for the coming year.

However, the OBR cut its forecasts for borrowing for the financial years running from 2023/24 through to 2025/26, according to the figures presented by Sunak. (Reporting by Andy Bruce; Editing by Catherine Evans)