Government support for household and business energy bills swelled Britain's budget deficit for the 2022/23 financial year to its fourth-highest on record, but it was still smaller than official forecasters predicted, data showed on Tuesday.
The Office for National Statistics reported borrowing of 139.2 billion pounds for the fiscal year that ended in March, or 5.5% of gross domestic product - up from 121.1 billion pounds in 2021/22, or 5.2% of GDP.
In response to the data, finance minister Jeremy Hunt said Britain had borrowed "eye-watering" sums to support the economy through the COVID-19 pandemic and the energy price shock stemming from Russia's invasion of Ukraine. An ONS official said the government's total energy bill subsidies cost about 8 billion pounds in March, taking the six-month total cost to 41.2 billion pounds.
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