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UK budget deficit at a three-year high

Tuesday, Sep 22 2015
Spending exceeded revenue by 12.1 billion pounds ($18.7 billion) compared with a deficit of 10.7 billion pounds a year earlier, the Office for National Statistics said in London on Tuesday. Economists had forecast a 9.2 billion-pound shortfall. Government income fell 0.6% and spending climbed 1.6 percent.
 
The statistics office cautioned against reading too much into the increase in borrowing, saying it reflected a drop in self-assessed income tax payments from the large amount paid in July. Taking the two months together, the 8.5 billion pounds received was the highest on record.
 
The figures nonetheless cast doubt over whether Chancellor of the Exchequer George Osborne can meet his target of cutting the deficit to 69.5 billion pounds, or 3.7 percent of gross domestic product, in the fiscal that began in April. In the first five months, borrowing declined by 10.3 percent to 38.4 billion pounds from 42.8 billion pounds a year earlier.
 
Sterling was pushed significantly lower in the course of the session on Tuesday and is currently being traded around 1.5370 level. Pair is likely to find support around 1.5330 area and resistance above 1.54 handle. 
More in this category: « Aussie higher after House Prices Index rose by 4.7% Euroarea consumer confidence unchanged in September »

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