The Chancellor has cut the UK's borrowing levels substantially in the Autumn Statement, significantly revising down March's forecast.
He said this year's public sector net borrowing requirement was down from a forecast of £120bn to £111bn this year. Next year's forecast of £108bn has also been cut to £96bn, and in total over the next five years, the borrowing forecast has been lowered by £73bn. "Borrowing posed a huge risk to economic stability of the UK," he said.
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