Budget 2014: UK national debt to fall in 2016/2017

The UK’s national debt is set to start dropping in 2016/2017, according to the Office for Budget Responsibility (OBR).

George Osborne announced in today’s Budget that the OBR has said the UK’s national debt was 74.5 per cent in this financial year.

The office said this will rise to 77.3 per cent next year and rise further to 78.7 per cent in 2015/2016.

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However, the debt will then drop to 78.3 per cent in 2016/2017, according to estimates from the OBR, before falling further in the next two years to reach 74.2 per cent in 2018/2019.