05:45 ET<\/span><\/span><\/p>\nThe UK government borrowed less than expected in the last financial year, official figures have shown.<\/p>\n
Public sector net borrowing, excluding interventions such as bank bail-outs, was \u00a318.6bn in March, according to the Office for National Statistics.<\/p>\n
Total borrowing for the year to 1 April was \u00a3141.1bn.<\/p>\n
That is less than the \u00a3145.9bn that was forecast by the government-appointed spending watchdog, the Office for Budget Responsibility (OBR).<\/p>\n
This figure, announced by the chancellor during the Budget last month, had already been lowered by \u00a32.5bn from the initial estimate of \u00a3148.5bn.<\/p>\n
Spending cuts<\/strong><\/p>\nChancellor George Osborne – who has implemented measures to try to reduce the deficit such as hiking VAT and cutting government spending – also said that borrowing was expected to fall to \u00a3122bn next year.<\/p>\n
Since many of those measures kick in from this month, observers will be watching the borrowing figures over the next few months to see how quickly the impact feeds through.<\/p>\n
Public sector net debt is forecast to peak at 70.9% of gross domestic product in 2013-14, Mr Osborne has said.<\/p>\n
The March borrowing figure was in line with expectations.<\/p>\n
It comes after public sector borrowing in February reached \u00a311.8bn, a record for that month of the year, and nearly double the amount forecast by economists.<\/p>\n<\/div>\n
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