UK government finances back on track as George Osborne tries to balance the books

 
Chris Papadopoullos
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The government cut back on its borrowing in September (Source: Getty)

The government borrowed £1.6bn less in September than it did in the same month in 2014, accord­ing to figures published by the Office for National Statistics yesterday.

Government borrowing since April, which tends to be a better indicator of state finances than single monthly figures that can be volatile, is down £7.5bn to £46.3bn.

Chancellor George Osborne is aiming to balance the state books by 2020. “After poor public finance data in August, the chancellor will take some cheer from [the] data,” said PWC chief economist John Hawksworth.

He added the swing from August’s disappointing figures, when government borrowing was thrown off target, gave Osborne a good chance of hitting the £70bn annual borrowing forecast from the Office for Budget Responsibility, the state’s fiscal watchdog.

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