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UK Treasury Uncovers £2 Billion Error in Tax Data

10/11/2025

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Summary

Story summary

The UK Treasury identified an additional £2 billion in fiscal headroom after discovering an error in HM Revenue and Customs (HMRC) tax collection data.
The second-quarter borrowing figure was revised to £81.8 billion, still about £10 billion above earlier forecasts.
The finding follows the resignation of Ian Diamond, head of the Office for National Statistics (ONS), amid complaints about data quality, highlighting concerns about economic data reliability.

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Story summary

The UK Treasury identified an additional £2 billion in fiscal headroom after discovering an error in HM Revenue and Customs (HMRC) tax collection data.
The second-quarter borrowing figure was revised to £81.8 billion, still about £10 billion above earlier forecasts.
The finding follows the resignation of Ian Diamond, head of the Office for National Statistics (ONS), amid complaints about data quality, highlighting concerns about economic data reliability.