UK Set to Overshoot Borrowing Forecasts After Poor January

Britain delivered a smaller-than-expected budget surplus in January, leaving Chancellor of the Exchequer Rachel Reeves on track to significantly overshoot official borrowing forecasts.

Government revenue exceeded spending by £15.4 billion ($19.5 billion), the Office for National Statistics said Friday. It was the largest January surplus on record but well below the £20.5 billion predicted by the Office for Budget Responsibility.