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Govt hits borrowing target

Govt hits borrowing target
The Government has just undershot its own annual borrowing target, despite a higher budget deficit than predicted in March.

Total borrowing was £125.977bn, just below the Government's target of £126bn, despite March borrowing figures being slightly higher than in 2011.

Government borrowing for 2011/12 8.3% of GDP, down from 9.27% in 2010/11.

A Treasury spokesman said:“Today’s data shows that the forecast for 2011-12 is on track, with public borrowing down by £11 billion compared to the previous year. This shows that the Government’s plan to reduce the budget deficit is working.”

But Labour seized on the figures, claiming Chancellor George Osborne was still missing his Spending Review borrowing targets.

Shadow Chief Secretary to the Treasury Rachel Reeves said:

“These figures show that last year George Osborne borrowed £9 billion more than he planned to at the time of his spending review. The government is now forecast to borrow an extra £150 billion because of the higher unemployment and slow growth their failed economic policies have delivered."

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