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UK Government borrowing dips to £120.6bn

George Osborne 450

The UK Government borrowed £0.3bn less in 2012/13 than it did in the previous year, according to figures from the Office for National Statistics.

In the financial year to April 2013, the UK Government borrowed £120.6bn, down from £120.9bn in 2012.

The UK Government, which is aiming to eliminate the budget deficit by 2017/18, borrowed £15.1bn in March 2013.

This has fallen from £16.7bn in March 2012, which does not include interventions such as bank bailouts, according to the ONS.

The ONS also revealed that public sector net debt is now approximately 75.4 per cent of GDP, up from 71.8 per cent last year.

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