Pre-budget boost for new chancellor despite borrowing rise

Stronger public finances come as Rishi Sunak prepares to unveil budget next month

The chancellor, Rishi Sunak, has been handed a modest boost before next month's budget from public borrowing rising by less than previously expected, despite the government failing to hit targets set four years ago.

The Institute for Fiscal Studies, Britain's foremost thinktank for the government finances, said the country was on track to record a budget deficit for the 2019-20 financial year around 3.5bn smaller than forecast in December.