UK's Hunt cuts budget deficit forecasts

Finance minister Jeremy Hunt on Wednesday announced lower forecasts for Britain's budget deficit, citing new projections from the Office for Budget Responsibility.

Public sector net borrowing excluding state-owned banks was on course to total 4.5% of economic output in the current 2023/24 financial year, Hunt said, compared with a previous forecast made in March of 5.1%.

For 2024/25, borrowing was projected at 3.0% compared with the OBR's March forecast of 3.2% of economic output.