Answering questions on the latest borrowing figures the PMS said the economy was healing but still faced many challenges. What the figures showed was that the Government’s spending plans remained on target. Receipts were slightly lower than forecast at budget reflecting the global economic situation and the downward revision we had seen to growth prospects since March. As we made clear when we received a positive figure for growth in quarter three the UK continueD to face challenging economic circumstanceS and it would take some time to get the deficit down. We would be sticking to our planned reductions and borrowing was still a quarter down on April 2010.
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