UK government borrowing in the financial year ended March 31 has been estimated at £151.9 billion — £20.7 billion more than in the same 12-month period a year earlier and £14.6 billion more than forecast by the Office for Budget Responsibility (OBR).

That’s according to the UK’s Office for National Statistics (ONS), which said it has increased its estimate of UK public sector net debt (PSND ex) at the end of February 2025 by £5 billion to more than £2.8 trillion.

The ONS said borrowing was £16.4 billion in March 2025 — £2.8 billion more than in March 2024 and the third-highest March borrowing since monthly records began.

The ONS added: “The current budget deficit – borrowing to fund day-to-day public sector activities – in the FYE March 2025 was provisionally estimated at £74.6 billion; this was £12.6 billion more than in the same twelve-month period a year earlier and £13.9 billion more than the £60.7 billion forecast by the OBR.”

Nick Ridpath, a Research Economist at the Institute for Fiscal Studies, said: “Today’s data show higher-than-expected government borrowing over the last financial year, including higher than was forecast in the Spring Statement just last month.

“And it is much higher than was forecast in the March 2024 Budget. This serves to highlight the uncertainty surrounding these – or indeed any – fiscal forecasts.

“The Chancellor’s fiscal rules, which apply to forecast borrowing in 2029–30, are only being met by a hair’s breadth. Today’s data highlight the clear risk that is being taken with that strategy.”