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.
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