BUSINESS LIVE: UK borrowing soars; JD Sports buys Hibbett; ABF eyes ‘significant growth’

The FTSE 100 will open at 8am. Among the companies with reports and trading updates today are JD Spots, Associated British Foods, Taylor Wimpey, Watkin Jones, THG and PureGym. Read the Tuesday 23 April Business Live blog below.

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Government borrowing £6.6bn higher than forecast last year

Government borrowing was £6.6billion higher than forecast last year, hitting £120.7billion as wages and benefit payments surged, fresh data from the Office for Budget Responsibility shows.

Public sector net borrowing was £7.6billion less than the prior year in the 12 months to 31 March, but was higher than OBR forecasts of £114.1billion.