He said: “Borrowing looks set to be higher than the OBR forecast in March, possibly by a reasonable margin. The IFS report followed a collapse in corporation tax receipts to the lowest level since 2009 that helped widen the budget deficit in September to £10.6bn. City analysts, who had expected an £8.5bn shortfall, said the OBR would need to rip up its pre-Brexit vote forecasts after a run of projections from all the major economic institutions showing GDP growth and tax receipts slowing next year. The Office for National Statistics could not offer a reason for the dive in corporation tax receipts. He said: “Even before the vote to leave the EU, the OBR’s fiscal forecasts were looking optimistic.

Source: The Guardian October 21, 2016 20:30 UTC