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Financial News: UK Budget Deficit Widens In October

UK Budget Deficit Widens In October

11/20/2020 - 02:48:00 (RTTNews)

(RTTNews) - The UK budget deficit reached its highest October level on record, reflecting the effects of government coronavirus policies, the Office for National Statistics reported Friday.

The public sector net borrowing rose by GBP 10.8 billion from the last year to GBP 22.3 billion in October.

This was the highest October borrowing and the sixth-highest borrowing in any month since monthly records began in 1993.

During April to October, PSNB excluding banks increased by GBP 169.1 billion to GBP 214.9 billion. This was the highest PSNB in any April to October period since records began in 1993.

Data showed that public sector net debt, excluding public sector banks at the end of October 2020 was equivalent to 100.8 percent of GDP.

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