Jeremy Hunt has missed his annual borrowing target in a blow to the Chancellor’s efforts to get the deficit down.

Public sector borrowing, excluding banks, hit £11.9bn last month, according to the Office for National Statistics (ONS), which was £1.9bn more than analyst predictions of £10bn.

It meant the Government borrowed £120.7bn during the financial year, which was £7.6bn less than last year.

However, it missed the £114.1bn borrowing target set by the Office for Budget Responsibility by £6.6bn.

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