Chancellor George Osborne has committed to borrowing £8bn less than forecast in the summer Budget, allowing the government to reach a surplus while cutting less in the next few years.
In his Autumn Statement on 25 November, Osborne (pictured) committed to spending £8bn less than forecast and spending £12bn more on capital expenditure, allowing faster progress in building the infrastructure the country needs. He revealed that, according to the Office for Budget Responsibility, borrowing will be £73.5bn this year, down from £74.1bn initially expected. This would fall to £49.9bn in 2016/2017, reaching a surplus of £10.1bn in 2019/2020. The Chancellor said it is time to "rebuild Britain" and "fix the roof while the sun in shining", bringing Britain "out of the red and ...
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