September 24, 2019 / 1:12 PM / 23 days ago

UK spending watchdog sees public borrowing overshooting forecast

FILE PHOTO - People walk across Tower Bridge after it was shut as part of 'Car Free Day' in London, Britain, September 22, 2019. REUTERS/Henry Nicholls

LONDON (Reuters) - British public borrowing looks on course to overshoot official forecasts made earlier this year, even without taking into account the add cost of unrepaid student loans, Britain’s budget watchdog said on Tuesday.

Earlier on Tuesday the Office for National Statistics revised up its estimate of British government borrowing due to a change in how it treats student loans that are unlikely to be repaid, as well as an overestimate of corporation tax revenue.

“The effect on public sector net borrowing is likely of the order of at least 15 billion pounds ($18.7 billion) a year,” the Office for Budget Responsibility said.

“Following these revisions, it now seems likely that borrowing will exceed our restated March forecast for 2019-20,” it added.

Reporting by David Milliken, editing by Andy Bruce

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