FOREX TradingCharts.com

Financial News: UK Budget Deficit Widens To Record High

UK Budget Deficit Widens To Record High

09/25/2020 - 06:53:00 (RTTNews)

(RTTNews) - The UK budget deficit widened to the highest on record in the financial year-to-date period reflecting the impact of the coronavirus pandemic on the public finances, with the furlough schemes alone adding GBP 56.0 billion to borrowing as subsidies paid by the central government.

Data from the Office for National Statistics showed that during April to August, public sector net borrowing was estimated to have been GBP 173.7 billion, which was GBP 146.9 billion more than in the same period last year and the highest borrowing in any April to August period since records began in 1993.

In August alone, public sector net borrowing excluding public sector banks, increased by GBP 30.5 billion from last year to GBP 35.9 billion in August.

This was slightly above economists' forecast of GBP 35.05 billion and the highest borrowing in any month since records began in 1993.

In August, receipts fell 14.3 percent annually, while expenditure including job furlough schemes and social benefits surged 34.7 percent.

Public sector net debt excluding public sector banks at the end of August 2020 was GBP 2,023.9 billion or around 101.9 percent of gross domestic product.

The extra funding required to support the government's coronavirus relief schemes combined with reduced cash receipts and a fall in gross domestic product have pushed the public sector net debt, the ONS said.

The Chancellor Rishi Sunak on Thursday unveiled a new Job Support Scheme and measures to support businesses over months ahead.

With the recovery stuttering and no sign of concern in the gilt market, the government is right to have refocussed on supporting the economy rather than raising taxes, Andrew Wishart, an economist at Capital Economics, said.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2020 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


U.S. New Home Sales Unexpectedly Tumble 3.5% In September (02 hr(s), 02 min(s), 41 sec(s) ago)
(RTTNews) - New home sales in the U.S. unexpectedly showed a sharp decrease in the month of Septem ...Full Story»

German Economy To Recover At Slower Pace (03 hr(s), 55 min(s), 41 sec(s) ago)
(RTTNews) - The German economic recovery is likely to continue in the current quarter, albeit at a ...Full Story»

German Ifo Business Morale Weakens For First Time In 6 Months (04 hr(s), 33 min(s), 41 sec(s) ago)
(RTTNews) - German business sentiment weakened in October as leaders were more worried about comin ...Full Story»

Czech Economic Confidence Falls In October (05 hr(s), 03 min(s), 41 sec(s) ago)
(RTTNews) - The Czech Republic's economic confidence decreased in October, survey results from ...Full Story»

Turkey Capacity Utilization Rises In October (05 hr(s), 07 min(s), 41 sec(s) ago)
(RTTNews) - Turkey's manufacturing capacity utilization rate increased in October, figures fro ...Full Story»

Denmark Retail Sales Fall For Third Month In September (05 hr(s), 26 min(s), 41 sec(s) ago)
(RTTNews) - Denmark retail sales fell for the third straight month in September, figures from the ...Full Story»

Amended: German Ifo Business Confidence Weakens In October (06 hr(s), 31 min(s), 41 sec(s) ago)
(RTTNews) - Corrected third and fourth paragraphs German business sentiment weakened in Octo ...Full Story»

German Ifo Business Confidence Weakens In October (06 hr(s), 59 min(s), 41 sec(s) ago)
(RTTNews) - German business sentiment weakened in October, reports said citing survey data from if ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

U.S. New Home Sales Unexpectedly Tumble 3.5% In September

10/26/2020 - 10:29 AM (RTTNews)
(RTTNews) - New home sales in the U.S. unexpectedly showed a sharp decrease in the month of Septem ...Full Story>>

German Economy To Recover At Slower Pace

10/26/2020 - 08:36 AM (RTTNews)
(RTTNews) - The German economic recovery is likely to continue in the current quarter, albeit at a ...Full Story>>

German Ifo Business Morale Weakens For First Time In 6 Months

10/26/2020 - 07:58 AM (RTTNews)
(RTTNews) - German business sentiment weakened in October as leaders were more worried about comin ...Full Story>>

Czech Economic Confidence Falls In October

10/26/2020 - 07:28 AM (RTTNews)
(RTTNews) - The Czech Republic's economic confidence decreased in October, survey results from ...Full Story>>

Turkey Capacity Utilization Rises In October

10/26/2020 - 07:24 AM (RTTNews)
(RTTNews) - Turkey's manufacturing capacity utilization rate increased in October, figures fro ...Full Story>>

Do not sell my personal information

Copyright © 2020. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.