Isabel Hardman Isabel Hardman

Osborne to drop debt target to avoid ‘nightmare’ cuts

George Osborne is in for a really rocky autumn to follow the dismal summer he’s just survived as chancellor. The Times and the Guardian are both reporting this morning that the Chancellor is set to drop his key fiscal target of having public sector net debt as a proportion of GDP falling by 2015 as a result of higher government borrowing and lower tax receipts.

Osborne has decided that the political fallout from abandoning this target, which he has long touted as a sign of the success of his policies, would...

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