Chart of the day: Deficit at £126bn in 2011/12

The ONS has released the public borrowing figures for this quarter, showing the deficit over the last year was £126bn – exactly that predicted by the OBR in March. If their predictions have started being accurate (not a guarantee), we should see the deficit down to £21bn by 2016/17. This is a long way off where we thought we would be by now in June 2010, and means that the next election will be fought with further reductions still to come.

Alex Hern is a technology reporter for the Guardian. He was formerly staff writer at the New Statesman. You should follow Alex on Twitter.