FOREX TradingCharts.com

Financial News: UK Budget Logs Second Biggest June Deficit On

UK Budget Logs Second Biggest June Deficit On Record

07/21/2022 - 04:31:00 (RTTNews)

(RTTNews) - The UK budget logged its second biggest deficit for the month of June on record, as high inflation pushed up the debt servicing cost of government, the Office for National Statistics said Thursday.

Public sector net borrowing excluding public sector banks increased by GBP 4.1 billion to GBP 22.9 billion in June, which was the second-highest June borrowing since monthly records began in 1993.

This was GBP 0.6 billion more borrowing than the Office for Budget Responsibility had forecast.

The interest payable on central government debt increased by GBP 10.3 billion from the previous monthly record set in June 2021, to GBP 19.4 billion. The rising cost of debt servicing is largely a result of higher inflation, with the interest payable on index-linked gilts rising in line with the retail prices index.

June's public finances figures provided more evidence that the government's fiscal position is worse than the OBR predicted back in March, Capital Economics economist Ruth Gregory said.

This may limit the ability of the next Prime Minister to provide more relief for households when a further rise in CPI inflation from 9.4 percent in June to around 12 percent in October worsens the cost of living crisis, the economist noted.

In the financial year to June, the budget deficit fell by GBP 5.7 billion from the last year to GBP 55.4 billion.

Public sector net debt excluding public sector banks was GBP 2,387.6 billion at the end of June, or around 96.1 percent of gross domestic product.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2022 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


RBA Minutes On Tap For Tuesday (04 hr(s), 05 min(s), 11 sec(s) ago)
(RTTNews) - The Reserve Bank of Australia will on Tuesday release the minutes from its monetary po ...Full Story»

Swiss Producer And Import Price Inflation Slows In July (09 hr(s), 35 min(s), 11 sec(s) ago)
(RTTNews) - Switzerland's producer and import prices increased at a softer pace in July, data ...Full Story»

U.S. Housing Market Index Unexpectedly Drops To Two-Year Low In August (11 hr(s), 22 min(s), 11 sec(s) ago)
(RTTNews) - A report released by the National Association of Home Builders on Monday unexpectedly ...Full Story»

New York Manufacturing Index Unexpectedly Indicates Contraction In August (12 hr(s), 06 min(s), 11 sec(s) ago)
(RTTNews) - New York manufacturing activity has unexpectedly seen a substantial contraction in the ...Full Story»

Slovakia Inflation Rises Slightly In July (13 hr(s), 08 min(s), 11 sec(s) ago)
(RTTNews) - Slovakia's consumer price inflation accelerated marginally in July, but remained a ...Full Story»

New York Manufacturing Index Unexpectedly Turns Negative In August (13 hr(s), 24 min(s), 11 sec(s) ago)
(RTTNews) - New York manufacturing activity has unexpectedly seen a substantial contraction in the ...Full Story»

Norway Trade Surplus Rises In July (13 hr(s), 37 min(s), 11 sec(s) ago)
(RTTNews) - Norway's trade surplus expanded in July compared to the previous year as exports i ...Full Story»

Ireland Trade Surplus Falls In June (13 hr(s), 56 min(s), 11 sec(s) ago)
(RTTNews) - Ireland's trade surplus decreased in June from a year ago, as imports grew more ra ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

RBA Minutes On Tap For Tuesday

08/15/2022 - 18:00 PM (RTTNews)
(RTTNews) - The Reserve Bank of Australia will on Tuesday release the minutes from its monetary po ...Full Story>>

Swiss Producer And Import Price Inflation Slows In July

08/15/2022 - 12:30 PM (RTTNews)
(RTTNews) - Switzerland's producer and import prices increased at a softer pace in July, data ...Full Story>>

U.S. Housing Market Index Unexpectedly Drops To Two-Year Low In August

08/15/2022 - 10:43 AM (RTTNews)
(RTTNews) - A report released by the National Association of Home Builders on Monday unexpectedly ...Full Story>>

New York Manufacturing Index Unexpectedly Indicates Contraction In August

08/15/2022 - 09:59 AM (RTTNews)
(RTTNews) - New York manufacturing activity has unexpectedly seen a substantial contraction in the ...Full Story>>

Slovakia Inflation Rises Slightly In July

08/15/2022 - 08:57 AM (RTTNews)
(RTTNews) - Slovakia's consumer price inflation accelerated marginally in July, but remained a ...Full Story>>

Do not sell my personal information

Copyright © 2022. 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.