These charts show public sector net borrowing excluding the accounting treatments of Royal Mail and asset purchase transfers. Revised growth forecasts mean that the deficit is projected to fall sooner than previously expected – and there might be a surplus in 2019.

These changes provided the backdrop George Osborne’s Autumn Statement, a confident defence of his economic strategy in the past, present and – crucially – future. The latter included arguably the most clear-eyed articulation of supply-side reforms in recent memory. But the frame was the improvements in the economy relative to March. In this sense, seven months have made a huge difference.  Read more