Public sector net borrowing forecasts, £bn Public sector net borrowing forecasts, £bnHammond dropped Osborne’s target for a surplus on the public finances by the end of the decade but announced his own fiscal rules that kept a focus on bringing down borrowing over a longer period. But the growth forecast for next year was cut to 1.4% from 2.2%. “In view of the uncertainty facing the economy, and in the face of slower growth forecasts, we no longer seek to deliver a surplus in 2019-20,” said Hammond. Its main predictions, compared with before the Brexit vote, are now:Extra £122bn of government borrowing over next five years. The OBR forecasts unemployment will edge up from 5% this year to 5.2% next year and 5.5% in 2018.

Source: The Guardian November 23, 2016 13:36 UTC