UK government borrowing fell in 2013-14

Reports state that the UK government borrowed £107.07bn in the financial year to April 2014, lower than the £115.1bn that it borrowed in the previous year.

The Office for Budget Responsibility (OBR) has estimated a deficit for the full year of £107.8bn in the Budget.

The government wants to eradicate the budget deficit by 2017-18.

The annual figure is the first provisional estimate of the financial year, and will be revised as more data becomes available.

It excludes the effects of the transfer of the Royal Mail pension scheme to the government, and gains from the Bank of England’s asset purchases for quantitative easing (QE).

Public sector net debt, excluding financial interventions is now £1,268.7bn, which is equivalent to 75.8% GDP.