UK borrowing up by £20bn a year
The Office for Budget Responsibility (OBR) says government borrowing will increase by around £20bn a year due to accounting changes. Its updated forecasts show that the budget deficit will be £33.3bn by 2023/24, up from a previous estimate of £13.5bn. Much of the difference between the new total and one issued in March stems from changes to the way student loans are assessed, with them treated as spending now where they had been treated as such when they failed to be repaid. The OBR has also rectified a £4bn a year error that underestimated corporation tax receipts.