UK chancellor Jeremy Hunt said the government would meet its fiscal rule on borrowing below 3 per cent of growth domestic product by the fifth year of the forecast.
According to the OBR, the UK’s fiscal watchdog, borrowing is lower this year and next and on average across the forecast by £700mn every year compared to the spring.
It said, borrowing will fall from 4.5 per cent of GDP in 2023-24, the 3 per cent, 2.7 per cent, 2.3 per cent, 1.6 per cent and then 1.1 per cent in 2028-29.
“That means we also meet our second fiscal rule – that public sector borrowing must be below 3 per cent of GDP – not just by the final year, but in almost every single year of the forecast,” said Hunt
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