LONDON (REUTERS) - Britain has lowered its estimates for net debt levels in the next few years, finance minister George Osborne said on Wednesday, citing official forecasts.

Public sector net debt will reach 74.5 per cent of gross domestic product in the 2013/14 fiscal year, 77.3 per cent in 2014/15, 78.7 per cent in 2015/16 before falling to 78.3 per cent in 2016/17.

In December, the OBR predicted public sector net debt would be 75.5 per cent in 2013/14, 78.3 per cent in 2014-15 and 80.0 per cent in 2015/16 before dipping to 79.9 per cent in 2016-17.