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Britain's budget deficit widened more than expected

Tuesday, May 23 2017
Britain's budget deficit widened more than expected

Britain's budget deficit widened by more than expected at the start of the new financial year as value-added tax revenues flat-lined, reflecting the strain on consumers from rising inflation after the Brexit vote. The deficit in April stood at 10.4 billion pounds in April, up 13.1 percent compared with the same month last year, the Office for National Statistics said, citing figures that exclude state-controlled banks.

The figure was higher than all forecasts from economists who were polled by Reuters. The median forecast in the poll was for a deficit of 8.9 billion pounds. Britain has been struggling to fix its public finances since the budget deficit surged to around 10 percent gross domestic product in 2010 after the global financial crisis.

Last modified on Tuesday, 23 May 2017
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