UK Reports Unexpected £1.8 Billion Budget Deficit In July
Britain posted an unexpected budget deficit in July, with spending exceeding revenue by £1.8 billion, up £700 million on the deficit a year earlier, according to Bloomberg, citing the Office for National Statistics (ONS) on Friday.
Economists and the Office for Budget Responsibility had expected the budget to be in balance, with July typically receiving a boost from scheduled payments of self-assessed income tax.
The ONS stated that borrowing in the first four months of the fiscal year was £56.7 billion—£2.3 billion higher than the fiscal watchdog had anticipated.
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