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UK government lowers budget deficit forecast

The Columbian
Published: March 24, 2010, 12:00am

LONDON (AP) — British Treasury chief Alistair Darling has lowered the forecasts for the country’s hefty budget deficit out to 2014/15, citing stronger tax receipts.

Delivering the British government’s annual budget on Wednesday, Darling predicted that borrowing this year will be 167 billion pounds ($249 billion). That’s down from the previously forecast record 178 billion pounds.

Darling also says he will reduce the deficit by more than initially planned over the next four years.

The government has maintained its forecast for economic growth this year of 1-1.5 percent, but has lowered next year’s forecast slightly to 3-3.5 percent from 3.5 percent.

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