Osborne reveals better than expected borrowing figures but growth disappoints

The Office for Budget Responsibility has revised up government borrowing forecasts for 2014 and 2015 - but figures for the following years are lower than previously estimated, according to Chancellor George Osborne.

Giving his Autumn Statement, Osborne said public sector net borrowing is now forecast to stand at £91.3bn this year, down from £97.5bn last year and above the £86.4bn forecast in March's Budget. The figures, while showing an initial deterioration in borrowing, make for better reading than some had hoped in later years, according to the independent forecaster. Estimates for 2015 borrowing have also been revised up, from £69bn to £75.9bn, but figures for 2016 and beyond are lower than expected. Borrowing will fall to £40.9bn by 2016, £14.5bn by 2017 and then rise to a surplus of £4bn...