Public sector net borrowing is barely changed from last year, down slightly to £15.1 billion. Crucially, after distortions, the drop in borrowing is a paltry £300 million. Osborne can still say borrowing is falling, but only just. Unemployment was up last week to 7.9%, as was the Retail Price Index to 3.3%. Public sector net cash requirement rising to £31.3 billion caps off a set of bad figures for Chancellor Zero. Unsurprising that the misery index is up. Will Thursday cheer us up?
