The Government borrowed £19.8bn less than official figures had predicted in the first six months of the year in a boost to hopes for tax cuts before the next election.

Public sector net borrowing excluding banks in the first half of the financial year stood at was £81.7bn, which was £15.3bn more than in the same six-month period last year, according to the Office for National Statistics (ONS).

However, it was £19.8bn less than the £101.5bn forecast by the Office for Budget Responsibility (OBR) in March.

In September, total public sector net borrowing excluding public sector banks was £14.3bn, up from £11.6bn the previous month. 

It was £1.6bn less than the same month last year and the sixth highest September borrowing since monthly records began in 1993.

It also came in below the consensus expectation of £18.3bn and was £6.2bn less than the OBR forecast back in March.

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