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UK government borrowing for the latest fiscal year was revised downward for the second straight month, to GBP299.171 billion, pushing borrowing further below the OBR's like-for-like target of GBP327.4 billion, the Office for National Statistics said Tuesday.

The adjusted target includes GBP27.2 billion in covid-related loan write offs not yet reflected in ONS figures, leaving the OBR with a headline target of GBP355 billion. That debt ratio was unchanged from from previous reports at 97.4% of GDP, although the debt ratio increased to 99.2% in the month of May. As a percentage of GDP, the 2020/21 deficit remained at 14.3%, unchanged from a month earlier.