Economic news

Britain posts its smallest budget deficit in 10 years

UK budget deficit in August slumped to its lowest since the financial crisis, boosted by record value-added tax (VAT) receipts, according to data from the Office for National Statistics.

Public sector borrowing dropped by 18 percent from the same month last year to £5.7bn, while economists in a Reuters poll had forecasts of £7.1bn.

August’s impressive performance is likely to become a relief for Treasury chancellor, Philip Hammond, who is going to hold the November Budget on November 22.


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