The Government has borrowed more money in the past three months than it originally planned for the whole year, figures released today confirmed.
In the first three months of this financial year, the Government borrowed £25.6billion – down £2.3billion on the same period in 2015.
However, back in 2011, it was predicted the Treasury would only need to borrow £24billion throughout the entire financial year of 2016/17.
TUC General Secretary Frances O’Grady claimed the figure showed the Government’s focus on austerity had failed the UK economy.
She said: “Today’s figures further demonstrate that we can’t cut our way to prosperity. Trying to reduce borrowing by cutting public spending has been entirely counter-productive ”
“The previous government’s cuts weakened the economy, hit the tax take, and are forcing more borrowing than expected”
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