UK budget deficit narrows to six year low in March
Britain's annual borrowing dropped to 132 billion pounds for the last financial year. High energy prices from the Iran war are now weighing on fuel tax receipts.
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The United Kingdom budget deficit for the most recent financial year has narrowed to its lowest point in six years, according to official data released on Thursday. Government borrowing for the 12 months ending in March reached 132.0 billion pounds, equivalent to 4.3% of economic output. While this remains significantly higher than pre-pandemic levels, it represents the smallest gap since the 2019/20 period.
