Against a backdrop of slowing GDP growth and high interest rates, December’s overshoot in borrowing is further disappointing news for the Chancellor. That said, most of the overshoot was because of a one-off payment and components that are heavily revised so the figures may not be as bad as they first appear. But the figures still leave the current budget deficit on track to overshoot the Office for Budget Responsibility’s forecast of £55.5bn in the 2024/25 fiscal year by £0.8bn.
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