Autumn Statement 2013: UK public borrowing sees £73bn improvement

The Chancellor has cut the UK's borrowing levels substantially in the Autumn Statement, substantially revising down March's forecast.

He said this year's public sector net borrowing requirement was down from a forecast of £120bn to £111bn this year. The government is now forecasting a small budget surplus by 2017/18. If that is achieved it would be the first surplus since 2001. Next year's forecast of £108bn has also been cut to £96bn next year, and in total over the next five years, the borrowing forecast has been lowered by £73bn. "Borrowing posed a huge risk to economic stability of the UK," Osborne said.