UK Borrowing Reduced by £2 Billion After Tax Error Uncovered

UK borrowing in the first five months of the financial year was £2 billion ($2.7 billion) lower than previously thought after the tax office found an error in its VAT receipt data, the Office for National Statistics said.

The mistake by HM Revenue & Customs lowers borrowing between April and August to £81.8 billion. That still leaves Chancellor of the Exchequer Rachel Reeves overshooting the Office for Budget Responsibility’s forecast by £9.4 billion.