Germany to cut new net borrowing

German Finance Minister Wolfgang Schaeuble aims to cut new net borrowing next year much more deeply than planned thanks to a buoyant economy, Der Spiegel said yesterday, citing government sources. The magazine said that Germany’s new net borrowing could fall to between €6bn (£5.23bn) and €8bn because of higher tax revenues, less than half the €20.7bn budgeted for. The finance ministry declined to comment on the figures but confirmed talks were under way with on spending plans for 2014.