In today’s pre-Budget report, the Chancellor says the Government will borrow £178bn in 2009, falling to £176bn in 2010. The forecast of £178bn is an increase on the 2009 Budget prediction.
Darling says once the economy has become more stable, spending will be reduced by 0.8 per cent a year from 2012 to 2015. In 2011, Darling says the UK will be borrowing 4.4 per cent of GDP. These plans were announced in the 2009 Budget.
Darling says: “We take these decisions from a position of strength.”