UK headed for US$41bil lower deficit than Sunak forecasts

UK Rishi Sunak

LONDON: The UK Treasury is likely to borrow £30bil (US$41bil or RM173.7bil) less than Chancellor of the Exchequer Rishi Sunak (pic) forecast in his March budget for the current fiscal year, the Institute for Fiscal Studies (IFS) said.

The researcher said the Treasury will probably have to spend that money on urgent needs in health, education and transport as well as rising debt interest payments.