UK Budget Deficit Exceeds Estimate

(RTTNews) - The UK budget deficit exceeded the government estimate in August, data from the Office for Budget Responsibility said Tuesday.

Public sector net borrowing increased GBP 2.9 billion from the previous year to GBP 18.3 billion in August.

This was the second-highest borrowing for August on record and also GBP 3.5 billion above the estimate of the Office for Budget Responsibility.

In the financial year to August, borrowing decreased GBP 2.2 billion to GBP 77.3 billion. However, this was GBP 8.1 billion above the OBR forecast.

At the end of August, public sector net debt was equivalent to 93.8 percent of GDP, was 1.3 percentage points lower than a year earlier.