Boost for Osborne ahead of July budget

Chancellor George Osborne yesterday received a boost ahead of his emergency summer budget as official figures showed a better-than-expected improvement in the UK’s public finances.

Borrowing — excluding the effect of bank bailouts — was £6.8bn (€9.6bn) in April, £2.5bn lower than in the same month last year, according to the Office for National Statistics.

Public finances were bolstered by bumper Vat receipts as well as spending cuts.