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Financial News: UK Budget Deficit Exceeds Expectations In October

UK Budget Deficit Exceeds Expectations In October

11/19/2021 - 02:42:00 (RTTNews)

(RTTNews) - UK budget deficit exceeded expectations and also marked the second-highest October borrowing since monthly records began in 1993, figures from the Office for National Statistics revealed on Friday.

Excluding banks, public sector net borrowing came in at GBP 18.8 billion in October, which was GBP 0.2 billion less than in October 2020. Nonetheless, this was the second highest borrowing for the month of October. The expected level was GBP 13.8 billion. Data showed that public sector net debt excluding public sector banks was GBP 2,277.6 billion at the end of October, or around 95.1 percent of gross domestic product, maintaining a level not seen since the early 1960s.

In the financial year-to-October 2021, PSNB excluding banks was estimated at GBP 127.3 billion, this was the second-highest financial year-to-October borrowing since monthly records began in 1993, data showed.

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