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| Version 3 | Version 4 |
|---|---|
| Chancellor Osborne misses borrowing target | Chancellor Osborne misses borrowing target |
| (about 3 hours later) | |
| The government borrowed £74bn in the year to March, £1.8bn more than George Osborne's borrowing target. | The government borrowed £74bn in the year to March, £1.8bn more than George Osborne's borrowing target. |
| The Office for Budget Responsibility had forecast government borrowing of £72.2bn for the 2015-16 financial year. | The Office for Budget Responsibility had forecast government borrowing of £72.2bn for the 2015-16 financial year. |
| However, there are likely to be revisions to the data that could alter the final borrowing figure. | |
| Public borrowing in March fell by £2.6bn compared with the same month last year to £4.8bn. | |
| Public sector net debt, excluding public sector banks, jumped £47.5bn to £1,594bn for the year to the end of March - the equivalent to 83.5% of gross domestic product. | Public sector net debt, excluding public sector banks, jumped £47.5bn to £1,594bn for the year to the end of March - the equivalent to 83.5% of gross domestic product. |
| Surplus target | Surplus target |
| The annual borrowing figure of £74bn was £17.7bn less than the previous year, the Office for National Statistics said. | The annual borrowing figure of £74bn was £17.7bn less than the previous year, the Office for National Statistics said. |
| The decrease was mainly due to a fall of £20.4bn in central government net borrowing, although that was offset by a rise in local government borrowing of £4bn. | The decrease was mainly due to a fall of £20.4bn in central government net borrowing, although that was offset by a rise in local government borrowing of £4bn. |
| Borrowing by councils hit £5.9bn - mainly due to a fall in grants from central government. | Borrowing by councils hit £5.9bn - mainly due to a fall in grants from central government. |
| Mr Osborne has pledged to return the UK to a budget surplus by 2020, with the OBR forecast predicting that the UK will have a surplus of £10.4bn in 2019-20 and £11bn the year after. | Mr Osborne has pledged to return the UK to a budget surplus by 2020, with the OBR forecast predicting that the UK will have a surplus of £10.4bn in 2019-20 and £11bn the year after. |
| In a hearing after last month's Budget, OBR chairman Robert Chote told MPs there was still a 55% chance that Mr Osborne would hit his surplus target despite reversing a decision on disability payment cuts. | In a hearing after last month's Budget, OBR chairman Robert Chote told MPs there was still a 55% chance that Mr Osborne would hit his surplus target despite reversing a decision on disability payment cuts. |
| In a note, analysts at Capital Economics said: "We still think that the OBR's prognosis for the next five years is in fact too gloomy, meaning that austerity might be scaled back further ahead." | In a note, analysts at Capital Economics said: "We still think that the OBR's prognosis for the next five years is in fact too gloomy, meaning that austerity might be scaled back further ahead." |
| Martin Beck, senior economic advisor to the EY ITEM Club, said: "While today's numbers are likely to cause the Chancellor some embarrassment - he also missed his objective to see the debt/GDP ratio drop in 2015-16 - the fairly modest overshoot means that the OBR's forecast may ultimately be vindicated." | Martin Beck, senior economic advisor to the EY ITEM Club, said: "While today's numbers are likely to cause the Chancellor some embarrassment - he also missed his objective to see the debt/GDP ratio drop in 2015-16 - the fairly modest overshoot means that the OBR's forecast may ultimately be vindicated." |