By Simon Miller

The UK borrowed more than it needed in the current financial year according to the Debt Management Office (DMO).

As a result, it plans to sell £167.7bn worth of gilts in the 2012/2013 financial year, down 4.8% from £179.4bn in 2011/2012.

The reduction was as a result of borrowing £13.6bn more in the current financial year and public cash requirement being £9bn lower next year.

The next financial year will see £34.9bn of medium-dated gilts and £37.6bn of long-dated gilts being sold while the DMO also plans to sell £36.1bn of index-linked gilts and £51.6bn of short-dated gilts with 45 conventional gilt auctions and eight syndications in 2012-2013.

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