That the OBR's forecast for public sector net borrowing for 2017-18 was revised down in March's Spring Statement offered the Chancellor some cause for cheer. But the OBR's pessimism around the economy's productive potential meant that there was little move in the margin against the Government's fiscal rule. This would suggest that the longer-term ambition of a balanced budget also looks very challenging, though we are more optimistic on this score than the OBR.
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