George Osborne to borrow more in 2013 as plans to cut deficit are blown off course

The highly-respected Institute for Fiscal Studies said government borrowing will rise from £121.4bn in 2011-12 to £125.4bn in 2012-13, reports the Daily Mail. The grim prediction was a bruising setback for the Chancellor just a month after he insisted the deficit would fall again this year - albeit only to £120.3bn. ‘There is a greater than 50-50 chance that the government will borrow more this year than it did last year,' said the IFS in the Green Budget, its annual health check on the national finances. An increase in borrowing would be a major embarrassment for Osborne who has c...