Jeremy Hunt’s scope for tax cuts hit by higher-than-expected borrowing

Government borrowed 120.7bn in the last financial year, with just under 12bn in March

Jeremy Hunt's scope for a substantial pre-election tax giveaway has been hit after the latest set of official figures showed the UK's public finances in worse shape than thought at last month's budget.

Figures from the Office for National Statistics (ONS) showed the government borrowed 120.7bn in the 2023-24 financial year - 6.6bn more than the Office for Budget Responsibility (OBR) had expected.