John O'Neill

Osborne looks set to miss his deficit target - again

Osborne looks set to miss his deficit target - again
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After disappointing figures last month, public borrowing in September came in lower than forecast, at £9.4bn, figures published by ONS today show. VAT, income and corporation tax receipts were all up on last year, and despite the government debt pile growing, interest payments fell by £420m.

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But it still look like it will be tough for George Osborne to meet his borrowing target for the year. Borrowing over the last six months is 14 per cent down on the same period last year – but over the next six months it would have to be a huge 36 per cent lower than last year in order for the Chancellor to meet the £69.5bn target.