The Chancellor has cut the UK's borrowing levels substantially in the Autumn Statement, substantially revising down March's forecast.
He said this year’s public sector net borrowing requirement was down from a forecast of £120bn to £111bn this year.
Next year’s forecast of £108bn has also been cut to £96bn next year, and in total over the next five years, the borrowing forecast has been lowered by £73bn.
“Borrowing posed a huge risk to economic stability of the UK,” he said.
