The UK budget deficit widened in July, but remains below official forecasts

The UK budget deficit widened in July, but remains below official forecasts

The UK’s budget deficit was £4.3 billion in July 2023, a figure £3.4 billion higher than in July 2022 and the fifth highest for the month since monthly records began in 1993, the Office for National Statistics said. But data collected from the Authority for Budget Responsibility also showed the result was £1.7 billion lower than the official estimate.

In the first four months of the 2023-24 financial year, the government borrowed £56.6 billion to cover the gap between its income and spending. This total was £13.7 billion higher than the equivalent four-month period 2022-23, but was also £11.3 billion lower than the forecast of £68 billion.

According to The Guardian, Finance Minister Jeremy Hunt played down the prospect of tax cuts even with data showing that public finances are in a less bad state than forecast in the so-called “Spring Budget.”

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“With inflation slowing, it is important that we do not change course and continue to act responsibly on public finances,” Hunt said. “Only by following our plan will we be able to halve inflation, the economy will grow and we will reduce debt.”

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