UK's deficit falls while gross debt increases, says ONS

In data sent to the European Commission, the ONS reported that UK government deficit, or net borrowing, was £76.6bn in the financial year ending March, which was 4.1% of gross domestic product, a decrease of £17.8bn compared with the previous year, when it was 5.1%.

This is the lowest value as a percentage of GDP since 2008 when it was 3%, but the deficit is above the Maastricht reference value of 3%.

Gross debt was £1,651.9bn or 87.8% of GDP, a of £47.9bn rise, from last year when it was 87.4% and is the 14th consecutive yearly increase.

The general government gross debt first exceeded the 60% Maastricht reference value in 2010 when it was 70.3% of GDP.

According to deficit and debt figures published in July, seven EU member states, including Britain, had a deficit exceeding the 3% of GDP reference value in 2015.

While 17 member states, including Britain, had gross debts exceeding the 60% of GDP reference value at the end of 2015.