Budget 2012: Nasty borrowing figures set backdrop for Chancellor Borrowing totalled £15.2bn in February, almost double the 8bn expected by economists, taking the deficit in the year so far to almost £110bn, with one month to go. It is the biggest amount the Government has borrowed in that month of the year. George Osborne is still expected to undershoot the Office for Budget Responsibility's forecast of £127bn full-year borrowing to the end of March, but by about £2bn, and not the £5bn-£10bn economists had been forecasting. A Treasury spokesman said: "Today's data shows that the Government is making progress in cutting the deficit this year. Borrowing in February was high for the month, bringing the overall total closer to the OBR's Autumn Statement forecast for 2011-12 of £127bn. As expected, growth in departmental spending has increased towards the end of the fiscal year, bringing it closer to forecast, and income tax receipts were weak. The Chancellor is likely to emphasise the importance of sticking to his austerity drive when he delivers his third Budget at 12.30pm, not least because ratings agencies Moody's and Fitch have both put the UK's treasured AAA credit rating on negative outlook. Chris Williamson, chief economist at Markit, said: "While the data in theory give the Chancellor some wiggle room in the Budget finances to help seek ways to boost growth, the worse than expected borrowing for February - roughly double that expected by economists - suggests that he will continue to err on the side of caution and stress the need to focus on hammering down the deficit, especially given the recent warnings over the UK's AAA credit rating." A steep fall in income tax pushed receipts down 2.7pc in February compared with a year earlier, reflecting the fragility of the recovery. Government spending rose 8.3pc, which was the largest annual rise since November 2010 and reflected higher benefit payouts.