UK September Budget Deficit the Lowest in 11 Years

Forex News

The UK government recorded a smaller budget deficit than expected in September. The Office for National Statistics reported, that the deficit stood at 4.123 billion pounds in September, compared with 4.958 billion pounds a year ago. Economists had expected the deficit of 4.5 billion pounds. This was the lowest deficit since 2007.

The report also showed, that borrowing in the current financial year-to-date was GBP 19.9 billion, that was GBP 10.7 billion less than in the same period in 2017. This was the lowest year-to-date for 16 years. Public debt stood at 1.79 trillion pounds in September, or 84.3% of gross domestic product, down from 86.7% in the same month of 2017.

UK finance minister Philip Hammond is due to outline his annual budget on October 29. According to some economists, Hammond will unveil any major shifts in spending with little more than five months to go until Brexit.