By Jonathan Davies

The UK's account deficit grew to £27 billion in the third quarter of the 2014, according to the Office for National Statistics (ONS).

The difference between how much the government spends and how much it earns grew by nearly £3bn, up from £24.3bn in the second quarter.

The news will come as a huge blow to the Chancellor George Osborne who, as we all know, is intent of bringing the deficit down.

In the Autumn Statement, Mr Osborne claimed the UK would be in a surplus by 2018/20, despite borrowing more than forecast in recent years.

The figures mean that the deficit is now 6% of the UK's GDP.

Join us on
Follow @freshbusiness