Economic Buzz: UK budget deficit narrows in July

The UK budget deficit narrowed in July to the lowest level for the month in three years, the Office for National Statistics said Thursday.

Public sector net borrowing decreased to GBP 1.1 billion from GBP 3.4 billion in the previous year.

Borrowing was below the GBP 2.1 billion shortfall projected by the Office for Budget Responsibility and also reached the lowest July borrowing for three years.

In the financial year to July, borrowing increased by GBP 6.7 billion from the same period last year to GBP 60.0 billion, which was the third-highest April to July borrowing on record.

Data showed that public sector net debt excluding public sector banks was estimated at 96.1 percent of gross domestic product at the end of July.

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