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UK raises borrowing forecasts on accounting changes, corporate tax correction

The U.K.'s budget watchdog raised its government borrowing forecast by roughly £20 billion a year through 2023-2024, reflecting accounting changes and a correction to corporate tax revenues.

The Office for Budget Responsibility projects public-sector net borrowing to come in at £47.6 billion in the 2019-2020 financial year, up from £29.3 billion in its March forecast.

By 2023-2024, public borrowing is predicted at £33.3 billion, compared with a prior forecast of £13.5 billion.

The OBR said the revised estimates mean that the deficit would reach more than £30 billion in the final year of the forecast period.

The revisions come on the back of accounting changes related to student loans, which are automatically treated as spending now rather than waiting for them to default.

The revised estimates also reflect a £4 billion-per-year error in corporate tax receipts.