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BUDGET 2009 NEWS: Borrowing to hit £175bn or 12.4% GDP

The Chancellor has revealed Government borrowing will be £175bn this year, equivalent to around 12.4% of GDP.

He says borrowing will be 11.9 per cent of GDP next year, 9.1 per cent in 2011/12, 7.2 per cent in 2012/13 and 5.5 per cent in 2013/14.

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