UK government borrowing halves but is still close to record high

Total deficit in 12 months to March was more than 20bn higher than forecast, says ONS

Britain's gradual emergence from the Covid-19 pandemic meant government borrowing more than halved in the latest financial year but remained the third highest on record, the latest official figures show.

The Office for National Statistics said the gap between the state's revenues and its spending stood at 151.8bn in the 12 months to March, down from 317.6bn in the previous year.