Sharp fall in government borrowing in April

The Chancellor received a huge lift to his deficit-cutting ambitions today as VAT and income tax takings in April swelled the Treasury's coffers by more than expected.

Income tax revenue could be lower than expected, finance watchdog says

Income tax revenues in the UK are likely to be lower than expected despite rising numbers of people in work, the official public finances watchdog has warned.

Osborne wants above-inflation minimum wage rise

Chancellor George Osborne has said he wants to see an above-inflation increase in the minimum wage. He told the BBC the "economy can now afford" to raise the rate, currently set at £6.31 an hour for people over the age of 21.