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Investing.com -- The U.K.’s Office for National Statistics (ONS) has reduced its estimate for net government borrowing by £3 billion ($4.03 billion), adding to challenges for the troubled statistics agency that has faced criticism from the Bank of England and lawmakers.
The ONS said the revision came after HM Revenue and Customs, the U.K. government’s tax authority, informed it of an error in value-added tax receipts data that had been supplied to the statistics office.
Correcting this error reduces public sector net borrowing by between £200 million and £500 million a month for the 2025 calendar year, according to the ONS.
The correction cuts public borrowing by £2 billion in the current fiscal year, which began in April, and by £1 billion for the previous fiscal year.
In its September data release, the ONS had reported that public borrowing in the fiscal year to August stood at £83.8 billion.
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