Britain records a smaller-than-expected budget deficit in July

The data showed that Britain posted a smaller-than-expected budget deficit in July as net borrowing excluding state-owned banks reached 4.3 billion pounds ($5.49 billion) in July, below the median forecast of 5 billion pounds.

In the first four months of the financial year, borrowing amounted to 56.6 billion pounds. This represents an increase of about 14 billion pounds over the same period last year, but 11.3 billion pounds less than the forecast of the Office for Budget Responsibility (OBR), whose forecasts support the government's fiscal plans.

The Office for National Statistics said Britain's public debt reached 2.579 trillion pounds in July, or nearly 98.5% of gross domestic product, up about two percentage points from the previous year, and interest costs rose by 1.5 billion pounds to 7.7 billion pounds compared with July. from last year, which is the highest level since the start of data recording in April 1997.

"With inflation slowing, it is important that we do not change course and continue to act responsibly on public finances," Chancellor of the Exchequer Jeremy Hunt said in a statement after the data was released. "Only by adhering to our plan will we be able to halve inflation, grow the economy and reduce debt."

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