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UK's Hammond bumps up deficit forecast for coming years
November 22, 2017 / 1:03 PM / in 21 days

UK's Hammond bumps up deficit forecast for coming years

LONDON (Reuters) - Britain’s government will end up borrowing far more by the early years of the next decade than previously forecast, finance minister Philip Hammond said on Wednesday.

While the budget deficit forecast for the current 2017/18 fiscal year was cut to 49.9 billion pounds from a previous forecast of 58.3 billion pounds, Hammond said there would still be a deficit of 25.6 billion pounds by 2022/23.

In March, Britain’s Office for Budget Responsibility had forecast borrowing would fall to 16.8 billion pounds by 2021/22.

Reporting by Andy Bruce, editing by Alistair Smout

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