The budget deficit is coming down, but more slowly than hoped. The weakness of corporation tax receipts is a prime cause, as David Smith reports
We now know at least provisionally how the public finances turned out in the latest tax year 2013/14. The data as the Office for National Statistics is quick to point out will be revised over time. But there is nonetheless a lot to be gleaned from these initial estimates.
Public borrowing is on the way down something which not so long ago was touch and go. So the favoured measure of public sector net borrowing came in at £107.7bn in 2013/14 compared with £115.1bn in 2011/12. George Osborne is achieving deficit reduction though its pace has varied.
From a peak of £157.3bn...
