Conservative Government misses borrowing target


Correct me if I’m wrong (with appropriate examples, of course), but doesn’t this mean George Osborne’s 100 per cent failure record remains intact for another year?

What’s most disturbing about today’s figures is the fact that local government borrowing has risen by £4 billion, to compensate for cuts in grant funding from central government.

In other words, Osborne has shifted the public borrowing requirement onto councils in order to make them look bad and him look good. And he still failed to hit his target!

The government borrowed £74bn in the year to March, £1.8bn more than George Osborne’s borrowing target.

The Office for Budget Responsibility had forecast government borrowing of £72.2bn for the 2015-16 financial year.

However, there are likely to be revisions to the data that could alter the final borrowing figure.

Public borrowing in March fell by £2.6bn compared with the same month last year to £4.8bn.

Public sector net debt, excluding public sector banks, jumped £47.5bn to £1,594bn for the year to the end of March – the equivalent to 83.5% of gross domestic product.

Source: Chancellor Osborne misses borrowing target – BBC News

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6 thoughts on “Conservative Government misses borrowing target

  1. Brian

    £4 billion! and that’s achieved with a bit of creative accounting. True figures will no doubt be higher, but by the time they come out, who remembers?

  2. Terry Davies

    what does Osborne get paid to do? control the economy. who benefits from his incompetency. clearly his cronies. is he paid to deceive the people to benefit only the tory party??

  3. shaun

    Also, on the same web page, are the following links to related economic data.

    UK retail sales fall 1.3% in March
    21 April 2016

    UK unemployment rises to 1.7m
    20 April 2016

    UK inflation rate rises to 0.5% in March
    12 April 2016

    Um, it looks like Labour will be going into the next election against a Conservative government presiding over another (or is it just the continuation of the previous) recession.

    1. shawn

      After re-reading the above, when both inflation and unemployment rise at the same time is that not known as stagflation. Now, was not that the reason monetarist economists gave for replacing Keynesian economics with Monetarist policy?

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