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Govt borrowing unchanged

The level of Government borrowing remained unchanged last month at £14.4 billion in August, equal to borrowing in the same month last year. It puts the Chancellor under pressure after he pledged to start bringing down debt in 2015/16.

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Chancellor under pressure on debt target

If the Chancellor George Osborne sticks to the current target on national debt he may have to announce tax rises and further spending cuts to achieve it. But the Governor of the Bank of England has indicated he would not complain if the target was missed.

If it's because the world economy has grown slowly, so we have in turn grown slowly, then that would be acceptable. It would not be acceptable if we have no real excuse.

– Sir Mervyn King, Bank of England Governor

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