21.09.2023 09:20:42

UK Budget Deficit Widens In August

(RTTNews) - The UK budget deficit widened to the fourth highest level for the month of August but remained below the official estimate, data from the Office for National Statistics revealed on Thursday.

Public sector net borrowing excluding public sector banks increased GBP 3.5 billion from the previous year to GBP 11.6 billion in August. This was the fourth biggest August borrowing since records began in 1993.

Nonetheless, the actual August borrowing was better than the GBP 13 billion estimated by the fiscal watchdog, the Office for Budget Responsibility.

Data showed that the interest payable on central government debt decreased by GBP 3.1 billion annually to GBP 5.6 billion in August. Moreover, this was GBP 2.2 billion below the OBR's forecast of GBP 7.8 billion.

In the financial year to August, PSNB totaled GBP 69.6 billion, which was GBP 19.3 billion more than in the same period last year. However, borrowing was GBP 11.4 billion less than the estimate of the OBR. At the end of August, public sector net debt was GBP 2,594.1 billion, which was around 98.8 percent of GDP.