LONDON: The annual deficit overshot the Conservative government’s target, official data showed here the other day, dealing a blow to Chancellor of the Exchequer George Osborne.
Net borrowing stood at ￡74 billion (US$106 billion) in the 2015-2016 financial year to the end of last month, the Office for National Statistics said in a statement. That missed the government’s official forecast of ￡72.2 billion, despite ongoing austerity from Prime Minister David Cameron’s Conservative administration.
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