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      KPMG comments on today’s public finances data

      “Higher borrowing puts more pressure on the Chancellor” says Dennis Tatarkov, Senior Economist at KPMG UK.
      event 21 Mar, 2025

      “Today’s data has raised the risk of the Chancellor missing her fiscal targets in next week’s forecast update. The judgements of the OBR will still be key, however there may not be much room for the Chancellor to defer major tax and spending decisions to the Autumn Budget.

      “Borrowing in February was some £4.2bn more than the OBR’s October prediction, and more bad news came in the revisions to past data, with January’s surplus revised down by £2.1bn.

      “This means overall borrowing for 2024/25 is now expected to reach £148.7bn, far more than the OBR expected at the Budget.”

      Dennis Tatarkov-image
      Dennis Tatarkov

      Senior Economist

      KPMG in the UK

      -ENDS-

       

      For media enquiries, please contact:

      Gerard Swinley, Corporate Communications 

      Tel: +44 (0) 20 3078 3948

      Mob: +44 (0) 7510 375540

      Email: gerard.swinley@kpmg.co.uk 

       

      KPMG Press Office

      Tel: +44 (0) 207 694 8773

        

      Notes to Editors:

       

      About KPMG

      KPMG LLP, a UK limited liability partnership, operates across the UK with approximately 17,000 partners and staff. The UK firm recorded a revenue of £2.99 billion in the year ended 30 September 2024.

      KPMG is a global organisation of independent professional services firms providing Audit, Legal, Tax and Advisory services. It operates in 143 countries and territories with more than 275,000 partners and employees working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients.