Preview: trimming issuance and slack
- The Spring Fiscal Statement looks set to be a perfunctory announcement that borrowing is better than expected, but potential policy changes can wait. While the PSNB is tracking £10bn lower, the cash improvement is only about £4bn.- Better growth forecasts should trim medium-term PSNB projections back to where they were a year ago. I expect next year’s financing requirement to be marginally lower than the current remit and for 0.5% extra room in the primary fiscal target.
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