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Economy
In reply to the discussion: STOCK MARKET WATCH -- Wednesday, 21 August 2013 [View all]xchrom
(108,903 posts)26. Lower borrowing still in sight despite surprise July deficit
http://uk.reuters.com/article/2013/08/21/uk-britain-borrowing-idUKLNE97K00120130821
(Reuters) - Britain's public finances showed an unexpected deficit in July, although a recovering economy means the government still looks likely to meet its goal of reducing borrowing this fiscal year.
Public borrowing on the government's preferred measure, which excludes some of the effects of bank bailouts, swung to a deficit of 62 million pounds from a surplus of 823 million in July 2012, the Office for National Statistics said on Wednesday.
This was the first shortfall for that month - which typically shows a surplus due to tax payments - since 2010 and compared with forecasts for 2.45 billion pounds in the black.
It marks a blip in the deficit reduction plans that lies at the heart of the coalition government's economic policies. When it came to power three years ago, Britain's budget deficit was 11 percent of annual output - one of the highest for a major economy.
(Reuters) - Britain's public finances showed an unexpected deficit in July, although a recovering economy means the government still looks likely to meet its goal of reducing borrowing this fiscal year.
Public borrowing on the government's preferred measure, which excludes some of the effects of bank bailouts, swung to a deficit of 62 million pounds from a surplus of 823 million in July 2012, the Office for National Statistics said on Wednesday.
This was the first shortfall for that month - which typically shows a surplus due to tax payments - since 2010 and compared with forecasts for 2.45 billion pounds in the black.
It marks a blip in the deficit reduction plans that lies at the heart of the coalition government's economic policies. When it came to power three years ago, Britain's budget deficit was 11 percent of annual output - one of the highest for a major economy.
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