That debt spending the difference between and tax income - was &pound;120.7billion in the year to March. That is &pound;6.6billion more than forecast.
The Government cut National Insurance by 2p in March and could trim taxes again before an autumn general election to give Britons a feel-good factor before the vote.
A Treasury spokesman said: "Debt increased because we rightly protected millions of jobs during Covid and paid half of people's energy bills after Putin's invasion sent bills skyrocketing."
He added the Government "must stick to the plan to get debt falling". Rob Wood at Pantheon Macroeconomics said: "We expect the Chancellor to cut taxes again before a October or November election, despite borrowing overshooting his forecasts."
He added: "Hunt can plan for another year of unrealistically weak public spending to generate 'headroom' against his fiscal rules and manufacture the funds to cut taxes.
"The next government will, therefore, face a tricky choice between raising taxes to fix creaking public services or holding the line on the recent tax cuts." National debt was &pound;2.69 trillion in March, an increase on the &pound;2.54trillion of a year ago.

'More tax cuts on the way' despite borrowing shock

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is the World's largest and fastest growing self-service, cross-platform digital newsstand with over 87 million users since its inception in 2011 and thousands of magazines and newspapers across 40+ categories and 60+ languages. Headquartered in New York, Magzter has its local presence in Amsterdam, London, Mexico City, Chennai, Mumbai, New Delhi, Bengaluru, Singapore, and will soon be expanding to other countries. Founded by global entrepreneurs, Girish Ramdas and Vijay Radhakrishnan in June 2011, Magzter enables magazine and newspaper publishers around the world to create and deliver digital editions of their titles to global consumers.

n. We will also use usage information in order to ensure users adhere to our Terms of Use. For example, a user’s usage information will help us confirm that a user only downloads a magazine or other content a permitted number of times or to a permitted number of devices.

which gives digital readers unlimited access to 8,500+ magazines and newspapers for a monthly subscription price. Magzter also has the largest number of stories in the world with its game-changing ezRead 2.0 feature for its apps, which enables smartphone and small-screen mobile users to enjoy magazine content the way it was meant to be enjoyed, with article text that is easy to read and is accompanied by stunning videos and high resolution photography.

{{magzter}} is the World's largest and fastest growing self-service, cross-platform digital newsstand with over 87 million users since its inception in 2011 and thousands of magazines and newspapers across 40+ categories and 60+ languages. Headquartered in New York, Magzter has its local presence in Amsterdam, London, Mexico City, Chennai, Mumbai, New Delhi, Bengaluru, Singapore, and will soon be expanding to other countries. Founded by global entrepreneurs, Girish Ramdas and Vijay Radhakrishnan in June 2011, Magzter enables magazine and newspaper publishers around the world to create and deliver digital editions of their titles to global consumers.