Borrowing is UP in the last 12 months – Osborne’s Austerity has failed

ONS figures published today shows that Public Sector Net Borrowing is UP compared to last year (excluding the impact of the Royal Mail pension fund transfer and the Asset Purchase Facility transfer). Instead of taking borrowing down – which is what the whole austerity thing was meant to be about – he’s doing the opposite.

Osborne’s Austerity has failed.

Let’s see that as a graph:

Borrowing was £118.8bn in 2012/13 – compared to £118.5bn in 2011/12.