Big fall in public borrowing

BRITAIN’S thriving economy has brought Government borrowing down to its lowest level for a decade.

According to figures from the Office for National Statistics, net public borrowing dropped by £1.3billion to £5.7billion for August, compared with the same month last year.

The lowest level of borrowing in August since 2007 is evidence that the Remain campaign’s Project Fear is wrong in suggesting the Brexit vote would severely damage the economy.

Government borrowing for the financial year so far – April to August – fell by £200million to £28.3billion – also the lowest level for 10 years.

The Office for Budget Responsibility has forecast that government borrowing will be £58.3billion for the financial year ending in March 2018.

Prime Minister Theresa May has vowed to deliver a balanced budget by the “middle of the next decade”, significantly amending Chancellor Philip Hammond’s previous target of putting the public finances back in the black by 2020.

Howard Archer, chief economic adviser at EY Item Club, said: “It looks increasingly like the Chancellor will have some wiggle room in November’s budget.”