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Britain's fiscal deficit smallest for any May since 2007

Friday, Jun 19 2015
Net borrowing excluding public-sector banks was 10.1 billion pounds ($16 billion) compared with 12.4 billion pounds a year earlier. Government income rose 4.1% and spending climbed just 0.6%. Britain had its smallest fiscal deficit for any May since 2007 as tax revenue jumped, handing a boost to Chancellor of the Exchequer George Osborne as he prepares to unveil the first Budget of the new Conservative-only government. 
 
Osborne is due to set out his tax and spending projections on July 8 after the Tories won a surprise parliamentary majority in May’s election. He’s warned there will be no letup in austerity as he seeks to erase a budget deficit of almost 5% of gross domestic product by 2018. Some economists have questioned whether he can achieve the 30 billion pounds of spending cuts required.
 
Data did not have any major impact on the markets with Sterling currently being traded few points above 1.5880 level. Pair is likely to find support around 1.5850 handle and resistance above 1.5940 area. There will be no major data releases in the rest of the session.
More in this category: « Eurozone Current Account showed surplus of €22.3 billion USD - Major events in the week ahead »

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