UK budget deficit narrowed to its lowest March level since 2004, the Office for National Statistics said Tuesday. Public sector net borrowing, excluding public sector banks, decreased by GBP 0.8 billion to GBP 1.3 billion in March. This was the lowest March net borrowing since 2004. At the end of March, public sector net debt was GBP 1,798.0 billion, which was equivalent to 86.3 percent of gross domestic product. In the financial year ended March, PSNB fell by GBP 3.5 billion to GBP 42.6 billion. This was the lowest net borrowing since the financial year ending March 2007.