UK borrowing rises more than expected A Treasury spokesman said on Friday: "It is too early in the financial year to draw conclusions about the year as a whole. This is volatile data and is prone to revision: borrowing for last year has been revised again and is now estimated to be below the OBR's forecast. The weak figures will trouble the Chancellor who wants to trim borrowing in 2012/2013 to £120bn, excluding a one-off £28bn boost from the transfer of the Royal Mail pension fund into Treasury ownership, from £127.6bn last year. Vicky Redwood, of Capital Economics, said the weak figures were "more bad news for the Government." "Borrowing remains on course to overshoot the OBR's full-year forecast by a long way - on current trends, by about £20bn," she said. Last week, the official forecaster warned the Government must find £17bn of additional spending cuts or tax increases at the end of its current austerity plan or eventually face a £65 billion hole in the public finances. The Office for Budget Responsibility (OBR) said the additional £17bn in savings by the year to April 2018 would be needed to get Britain's debt back to pre-crisis levels by 2061. The OBR has predicted that borrowing will fall from £124.4bn last year to £92bn, including the Royal Mail pension impact, in 2012/2013 and £98bn in 2013/2014.