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APR 23, 2013 - New Statesman

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Revealed: why the deficit actually rose today

Strip out all special factors and total borrowing was £400m higher than in 2011-12. The boast that the deficit "is falling" and "will continue to fall each and every year" has been crucial to George Osborne's political strategy, so what do the final set of figures for 2012-13 show? At first sight, it appears as if the Chancellor's luck has held. Excluding the transfer of the Royal Mail pension plan and the cash from the Bank of England's Asset Purchase Facility, public sector net borrowing was £120.6bn last year, £300m lower than in 2011-12. ... Read More

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