The Borrowing Budget – Osborne borrowing £245 Billion MORE than planned in 2010

I’ve just been speaking to the Labour Treasury Team, and their calculation is that Public Sector Net Borrowing (excluding the Royal Mail pension fund and APF transfers) between 2011/12 and 2015/16 is now set to be £245bn MORE than planned in autumn 2010 after the spending review.

That’s absolutely huge – no wonder Osborne looked like this during Miliband’s response:

Expect to hear that number repeated over and over by Balls on TV and radio in the next few hours…