Hammond misses budget target but deficit is at 17-year low

ONS says borrowing in latest full financial year was 24.7bn, down 41%

Philip Hammond has missed his annual target for bringing down the budget deficit, despite borrowing dropping to the lowest level since 2002.

The Office for National Statistics said that borrowing in the latest full financial year, which ended in March, was 24.7bn, down by 41% from a year earlier but above the target set for the chancellor.