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The borrowing charade

He’ll do his best to hide the fact, but George Osborne will have to make an embarrassing confession in next Wednesday’s Autumn Statement – that government borrowing this year will be higher than expected. The OBR had predicted in March that this year would see net borrowing of £86.6bn. But with borrowing so far this year even higher than it was in the same period last year, this is unlikely to be met. Instead, economists expect borrowing to be close to last year’s £97.5bn.

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