Britain will miss its deficit target but its economy should grow faster than expected in the run-up to next year’s general election, Net borrowing was set to hit £91. 3 billion ($166. 7bn) in the year to the end of March 2015, which was higher than the previous government forecast of £86. 4 billion given in March, Mr Osborne told parliament.
The deficit as a proportion of gross domestic product was expected to stand at 5. 0 per cent in 2014/15. That compared with 10. 2 per cent when the Coalition government rose to power in 2010, but misses its target of virtually eliminating the deficit by the time of the next general election due in May 2015.
Read more here: Business Spectator