The UK scaled back its bond sale plans by more than expected after the budget deficit undershot official forecasts during a pandemic-blighted year that ravaged the public finances. The Debt Management Office announced it intends to issue £252.6bn ($351bn) of gilts in 2021-22, some £43.4bn less than previously envisaged. That’s a bigger revision than some banks projected – JPMorgan Chase and Co saw a reduction of between £25bn to £30bn. Chancellor of the Exchequer Rishi Sunak still faces an enormous task to repair the damage inflicted by the coronavirus crisis, which has pushed government debt to record levels. “It’s certainly a big cut, though it has the effect of making an extremely high n
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