LONDON: Britain's annual deficit came slightly under the government's target, official data showed on Wednesday, against a backdrop of economic recovery and cuts to state spending.
The coalition had a net borrowing of 107.7 billion pounds ($181 billion, 131 billion euros) in the year to the end of March, the lowest level since the height of the financial crisis in 2008/09, the Office for National Statistics said in a statement.
It was also just under the Conservative-Liberal Democrat government's target of 107.8 billion.
"Today's public sector finances are further evidence that the government's long term economic plan is working," a spokesperson for the Treasury said in a statement in reference to its policy of slashing a record-high deficit inherited from the previous Labour government in 2010.
Britain's next general election is due in May 2015.
The government's deficit stood at £6.7 billion in March -- the final month in the government's financial year -- down from net borrowing of £8.8 billion in February and £11.4 billion in March 2013.
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