FOREX TradingCharts.com

Financial News: UK Budget Deficit Worse Than Expected

UK Budget Deficit Worse Than Expected

03/21/2024 - 06:04:00 (RTTNews)

(RTTNews) - The UK budget deficit was wider than economists' expectations in February despite an increase in receipts, official data revealed on Thursday.

Public sector net borrowing, or PSNB, excluding public sector banks decreased by GBP 3.4 billion from the previous year to GBP 8.4 billion in February, the Office for National Statistics said. However, borrowing was well above economists' forecast of GBP 5.95 billion.

For the financial year to February, borrowing totaled GBP 106.8 billion, which was GBP 4.6 billion less than in the same eleven month period a year ago.

The Office for Budget Responsibility projected borrowing to settle at GBP 114.1 billion for the financial year ending March 2024 as a whole.

Capital Economics' economist Ruth Gregory said this means that borrowing in March will have to come in at just GBP 7.2 billion to achieve the forecast but it seems unlikely.

However, the economist said disappointing borrowing data probably will not stop the Chancellor from unveiling more tax cuts.

At GBP 86.4 billion, the central government's receipts were GBP 7.2 billion more than in the previous year. At the same time, expenditure rose GBP 2.9 billion to GBP 89.6 billion, data showed.

The interest payable on central government debt was GBP 6.8 billion, the lowest February interest payable since 2022.

At the end of February, public sector net debt excluding banks increased GBP 157.4 billion to GBP 2,659.4 billion.

The government debt was estimated at 97.1 percent of GDP that was around 2.3 percentage points more than at the end of February 2023.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2024 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


U.S. Economic Growth Slows Much More Than Expected In Q1 (12 min(s), 19 sec(s) ago)
(RTTNews) - A report released by the Commerce Department on Thursday showed the U.S. economy grew ...Full Story»

U.S. Weekly Jobless Claims Unexpectedly Dip To Two-Month Low (53 min(s), 19 sec(s) ago)
(RTTNews) - The Labor Department released a report on Thursday showing an unexpected decrease by f ...Full Story»

Turkey Central Bank Keeps Rate Unchanged (59 min(s), 19 sec(s) ago)
(RTTNews) - Turkey's central bank kept its key interest rate unchanged on Thursday but caution ...Full Story»

U.S. GDP Climbs Much Less Than Expected In Q1 (01 hr(s), 21 min(s), 19 sec(s) ago)
(RTTNews) - A report released by the Commerce Department on Thursday showed the U.S. economy grew ...Full Story»

German Consumer Sentiment To Hit 2-Year High In May (01 hr(s), 26 min(s), 19 sec(s) ago)
(RTTNews) - Germany's consumer confidence is set to rise again in May to hit a two-year high a ...Full Story»

U.S. Weekly Jobless Claims Unexpectedly Decrease (01 hr(s), 26 min(s), 19 sec(s) ago)
(RTTNews) - The Labor Department released a report on Thursday showing an unexpected decrease by f ...Full Story»

UK Retail Sales Decline Sharply In April- CBI (01 hr(s), 52 min(s), 19 sec(s) ago)
(RTTNews) - UK retailers reported a sharp decline in sales in April, the latest monthly Distributi ...Full Story»

South Africa Producer Price Inflation Rises Slightly (01 hr(s), 53 min(s), 19 sec(s) ago)
(RTTNews) - South Africa's producer price inflation rose marginally in March after easing in t ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

U.S. Economic Growth Slows Much More Than Expected In Q1

04/25/2024 - 09:49 AM (RTTNews)
(RTTNews) - A report released by the Commerce Department on Thursday showed the U.S. economy grew ...Full Story>>

U.S. Weekly Jobless Claims Unexpectedly Dip To Two-Month Low

04/25/2024 - 09:08 AM (RTTNews)
(RTTNews) - The Labor Department released a report on Thursday showing an unexpected decrease by f ...Full Story>>

Turkey Central Bank Keeps Rate Unchanged

04/25/2024 - 09:02 AM (RTTNews)
(RTTNews) - Turkey's central bank kept its key interest rate unchanged on Thursday but caution ...Full Story>>

U.S. GDP Climbs Much Less Than Expected In Q1

04/25/2024 - 08:40 AM (RTTNews)
(RTTNews) - A report released by the Commerce Department on Thursday showed the U.S. economy grew ...Full Story>>

U.S. Weekly Jobless Claims Unexpectedly Decrease

04/25/2024 - 08:35 AM (RTTNews)
(RTTNews) - The Labor Department released a report on Thursday showing an unexpected decrease by f ...Full Story>>

Do not sell my personal information

Copyright © 2024. 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.