Government borrowing in 2018-19 fell to a 17-year low. But extra public spending and tax cuts announced since last October mean that 2019-20 is set to deliver the first year-on-year rise in the deficit since 2012-13. And a change in how student loans are classified and likely 'giveaways' under a new Prime Minister are set to push up the deficit further compared to recent forecasts.
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