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UK budget deficit at the lowest rate since 2007

Wednesday, Oct 21 2015
Britain posted its smallest budget deficit for a September in eight years as the tax take from businesses and individuals rose to records. Net borrowing excluding public-sector banks was 9.4 billion pounds in September, down 1.6 billion pounds from a year earlier, the Office for National Statistics said in London on Wednesday. Economists forecasted 10.1 billion pounds.
 
The report also demonstrated the benefits to the public purse of economic growth. Government receipts jumped 3.9 percent in September from a year earlier to 47.5 billion pounds, the highest since records began in 1993. That was almost four times the rate of spending, which increased just 1 percent.
 
Chancellor of the Exchequer George Osborne’s spending review is underway, and government departments are bracing for cuts. Lawmakers approved the government’s Charter for Budget Responsibility last week, which commits it to achieving a budget surplus by 2020. 
 
Sterling is currently being trade around 1.5440 area. Pair is likely to find support around 1.54 level and resistance above 1.55 area. There will be no major data releases later in the session.
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