The Treasury will have something to celebrate over Christmas with the news that UK’s budget deficit has narrowed to its smallest since 2002-3. The latest figures show public sector net borrowing of a mere £7.2 billion in November – the lowest for a November since 2004. Excluding net investment, the UK has actually run a surplus of £13 billion over the last 12 months. Osborne’s target of 2015 is long gone but better late than never…