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The Office for National Statistics on Wednesday revised down UK government borrowing figures for the current fiscal year by £2 billion following an error in the tax receipts used to calculate the data, the Financial Times reported. The ONS said on Wednesday that HM Revenue & Customs had alerted it to inaccuracies in value-added tax receipts, the statistics agency relied on for its estimates for government borrowing published on September 19. As a result of the errors, which cover the period from January to August this year, the ONS cut its estimate for government borrowing for the current fiscal year, which began in April, by £2 billion. It also reduced the borrowing figure for the previous fiscal year by £1 billion. Correcting for the errors, the ONS said borrowing for the fiscal year to August was £81.8 billion, down from the £83.8 billion initially reported in its September 19 release. The total is still above the £72.4 billion forecast for the period by the Office for Budget Responsibility, the UK’s official fiscal watchdog. Earlier this year, the ONS had to revise forecasts for consumer price inflation and retail sales, while there have also been delays to producer price inflation data. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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