U.K. Public Borrowing Estimate Cut by $4 Billion Over Tax Data Error

The U.K.’s troubled statistics office cut its estimate for net government borrowing by 3 billion pounds ($4.03 billion), a further setback for the agency that has faced criticism from the Bank of England and lawmakers.

The Office for National Statistics said the U.K. government’s tax authority, HM Revenue and Customs, informed it of an error in value-added tax receipts data it supplied to the data agency.