Osborne to miss own deficit targets

Updated
George Osborne
George Osborne

George Osborne faces missing his deficit target come the end of November. On the 29th the Office for Budget Responsibility will likely admit that the downturn is rather more serious than predicted.

Crucially it means the part of the UK deficit unaffected by growth, or the structural deficit, will not be wiped out as previously hoped by 2014. Growth is simply not there.

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