Economic news

UK achieves smallest budget deficit in November in ten years

UK Government borrowing dropped to £8.7bn in November, down £0.2bn from year earlier, its lowest level for a decade, the Office for National Statistics reported. Public borrowing was £48.1bn in 2017.

UK’s budget deficit fell in November due to solid growth in income tax receipts and VAT. On Wednesday, the International Monetary Fund downgraded its outlook for UK growth, from 1.7% to 1.6%.

The Chancellor, Philip Hammond, should control public borrowing more firmly in order to have posibility to raise spending if the economy slow too much, IMF reported.

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