The Government borrowed £52bn in the last financial year, a fall of £20bn compared to the year before, as the long struggle to eliminate the deficit moved closer towards its goal.

That amounts to 2.6pc of GDP, the lowest level of borrowing since 2007-08, on the eve of the financial crisis.

But as the UK economy is bigger now, the number is still substantially larger in cash terms - the deficit nine years ago stood at £40.4bn.

That ballooned as the recession struck, spiralling up to £151.7bn in 2009-10 - equivalent to 9.9pc of GDP - before slowly falling as the Government has battled to control borrowing.