Awkward! The chancellor missed his borrowing target

Forget Arrietty and Pod, it seems George Osborne is the best borrower

When the Conservatives came into power, their first and foremost goal was to reduce the deficit, in fact, you might argue that pledge is what won them the election last year.

But it seems that promise has been harder to keep than expected, with George Osborne exceeding his own target by £1.8bn.

The chancellor had planned to borrow £72.2bn for the 2015/16 financial year, however, in the year to March, the government borrowed £74bn.

While the previous and current governments have reduced the deficit, national debt continued to rise and is currently estimated at £1.53 trillion, compared with £0.5 trillion in 2006 before the recession began.

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