UK | Fiscal repair job is probably smaller than feared
Though the budget deficit remains very high, monthly borrowing totals have
consistently undershot the OBR’s forecasts. We expect this to continue through the remainder of fiscal year 2021-2022, as the recovery proves much faster than the OBR anticipates, boosting tax receipts and lowering government spending.
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- Borrowing continues to undershoot the OBR’s expectations
- The reopening of indoor hospitality caused restaurant bookings to rise well above pre-pandemic levels
- The extent of pandemic-related scarring looks likely to be lower than previously feared…
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