Chancellor Misses borrowing target

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The Government borrowed £74bn in the year to March, £1.8bn more than George Osborne’s borrowing target.The Chancellor had forecast government borrowing of £72.2bn for the 2015/16 financial year.However, the figures are subject to revision and the Office for Budget Responsibility said the true picture of the public finances was unlikely to be reflected in Thursday’s numbers.
For March, government borrowing fell by £2.6bn to £4.8bn.
Both figures exclude debt for banks owned by taxpayers such as Royal Bank of Scotland.
The annual figure was £17.7bn less than the previous 12 months.

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