MANCHESTER, England -Britain’s government kicked off the 2025/26 financial year in April by again borrowing more than expected, suggesting no let-up in the pressure on the public finances and finance minister Rachel Reeves ahead of a major review of spending.

Public sector net borrowing was 20.155 billion pounds ($27 billion) in April, the Office for National Statistics said on Thursday.

A Reuters poll of economists showed a median forecast of 17.9 billion pounds for public sector net borrowing.

Economists have routinely under-estimated the extent of Britain’s budget deficit each month over the past year.

Reeves is due to deliver her first multi-year spending review on June 11 which will set the budgets for public services.

The ONS revised down its estimate of borrowing for the last financial year that ended in March to 148.3 billion pounds from 151.9 billion pounds previously, or 5.1% of economist output compared to 5.3%. In 2023/24, the deficit was 4.8% of GDP.

In its forecasts published in March, the Office for Budget Responsibility – which provides the fiscal and economic outlooks used by the government – projected a budget deficit for the financial year ending in March of 137.3 billion pounds.

($1 = 0.7447 pounds)

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