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Chancellor Philip Hammond has released the government’s latest borrowing targets, promising the “first sustained decline in debt in 17 years”.

He said that taking into account the OBR’s new UK growth forecasts, the budget deficit will be (with the Spring forecasts in brackets):

Public sector net borrowing is now forecast to be:

  • 2.4 per cent of GDP this year (down from 2.6 per cent forecast in March)
  • 1.9 per cent next year (down from 2.9 per cent)
  • 1.6 per cent in 2018/19 (down from 1.9 per cent)
  • 1.5 per cent in 2019/20 (up from 1 per cent)
  • 1.3 per cent in 2020/21 (up from 0.9 per cent)

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