Commenting on the publication of the latest borrowing figures, Mark Littlewood, Director General at the Institute of Economic Affairs, said:

“These depressing figures show that the Chancellor’s plans to close off the budget deficit are drifting off course again. It is nonsensical to protect the entire health budget and pensioner benefits from the need to make savings. By ring-fencing so many substantial areas of expenditure, the government risks making cuts in the wrong areas and in the wrong way, which goes some way to explaining the mess they have got themselves in over working tax credits”.

Notes to editors:

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