UK Budget Deficit in October The Biggest in 3 Years

Forex News

Britain has posted bigger than expected budget deficit in October. The Office for National Statistics (ONS) reported, that deficit rose to 8.820 billion pounds in October from 7.235 billion pounds a year earlier, marking the biggest October shortfall for three years. Economists had pointed to a reading of 6.15 billion pounds.

Meanwhile, for the first seven months of the 2018/19 financial year, the deficit stood at 26.7 billion pounds, down almost 30% on the previous year and the lowest at this stage of the financial year in 13 years.

The ONS report also showed, that public debt, excluding public-owned banks and the Bank of England's stimulus program, stood at 1.5985 trillion pounds in October, or 75.0% of gross domestic product. That was down from 79.0% in the same month of 2017 but still double its level before the financial crisis.