Treasury typo omits £18bn of borrowing from the Budget

The Treasury missed £18bn of borrowing from a key table in its Budget document, it has admitted.

The typographical error, which does not affect the Government’s overall finances, is unfortunate for Rishi Sunak, the Chancellor, who has described controlling the deficit as his “sacred duty”.

A table in the first chapter of the Budget missed out the estimated £25.3bn of additional borrowing incurred in 2022-23, replacing the figure with the following year’s prediction.

As a result over the years to 2024-25, the table’s total borrowing figure is short by about £18bn.

The flagship publication was presented alongside the Chancellor’s key speech on October 27.

Mr Sunak attempted a finely balanced Budget in the face of enormous pressure to spend more, while also recognising the Government has run the biggest deficit since the Second World War through the pandemic.

He chose to loosen the purse strings to spend more on the NHS but is also raising taxes in the form of national insurance.

Crucially, he was able to spend more as the economy had recovered more quickly than had been expected, keeping a lid on borrowing.

The deficit is on track to fall from £183bn this financial year to below £50bn by 2024-25.

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