by Peter Spence, Economics Correspondent
George Osborne, the Chancellor, has been dealt an embarrassing blow as official figures revealed that he has failed to meet his deficit reduction targets.
The Government borrowed £4.8bn last month, excluding costs related to stakes in bailed-out banks, according to the Office for National Statistics (ONS). This put the public sector’s total borrowing in the 2015-16 financial year at £74bn.
The Office for Budget Responsibility (OBR), which produces official forecasts for the Government, updated its forecasts for the deficit only last month.