Borrowing will be up £56 billion over the next five years.
In the March budget, public sector net borrowing annually from 2012-13 to 2016-17 was forecast to be £120bn, £98bn, £75bn, £52bn and £21bn:
Yet today, in today’s autumn statement, public sector net borrowing annually from 2012-13 to 2016-17 is forecast to be £108.5bn, £99.3bn, £87.9bn, £77.3bn and £49.0bn:
Additional borrowing per year of -£11.5bn, £1.3bn, £12.9bn, £25.3bn and £28bn – a total over the next five years of an extra £56 billion.
It’s hurting, but once again, it’s plain to see it’s not working.