U.K. Deficit Goal In Doubt as Spending Offsets Tax Jump
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Britain’s budget shortfall was little changed in June as increased spending offset a jump in tax receipts, casting doubt over whether Chancellor of the Exchequer George Osborne can meet his deficit-reduction goal.
Net borrowing was 11.4 billion pounds ($19.5 billion) compared with 11.5 billion pounds a year earlier, the Office for National Statistics said today. That compares with a forecast of 11.1 billion pounds in a Bloomberg survey of economists. Government revenue rose 4.7 percent and spending grew 3.9 percent.