AIRLINK 59.25 Increased By ▲ 1.26 (2.17%)
BOP 6.23 Increased By ▲ 0.01 (0.16%)
CNERGY 4.01 Decreased By ▼ -0.04 (-0.99%)
DFML 15.85 Increased By ▲ 0.15 (0.96%)
DGKC 68.55 No Change ▼ 0.00 (0%)
FCCL 17.73 Decreased By ▼ -0.02 (-0.11%)
FFBL 25.90 Increased By ▲ 0.15 (0.58%)
FFL 9.25 Decreased By ▼ -0.06 (-0.64%)
GGL 9.95 Increased By ▲ 0.21 (2.16%)
HBL 112.40 Increased By ▲ 0.60 (0.54%)
HUBC 116.30 Increased By ▲ 1.50 (1.31%)
HUMNL 6.51 Increased By ▲ 0.07 (1.09%)
KEL 4.25 Decreased By ▼ -0.05 (-1.16%)
KOSM 3.72 Increased By ▲ 0.14 (3.91%)
MLCF 37.44 Increased By ▲ 0.04 (0.11%)
OGDC 117.00 Decreased By ▼ -0.20 (-0.17%)
PAEL 22.59 Decreased By ▼ -0.31 (-1.35%)
PIAA 11.12 Decreased By ▼ -0.23 (-2.03%)
PIBTL 6.17 Increased By ▲ 0.50 (8.82%)
PPL 104.55 Decreased By ▼ -0.70 (-0.67%)
PRL 26.60 Increased By ▲ 0.05 (0.19%)
PTC 9.66 Increased By ▲ 0.06 (0.63%)
SEARL 52.05 Decreased By ▼ -1.29 (-2.42%)
SNGP 65.57 Increased By ▲ 0.58 (0.89%)
SSGC 10.98 Increased By ▲ 0.04 (0.37%)
TELE 7.28 Increased By ▲ 0.12 (1.68%)
TPLP 12.00 Increased By ▲ 0.13 (1.1%)
TRG 76.56 Increased By ▲ 3.85 (5.3%)
UNITY 20.64 Decreased By ▼ -0.09 (-0.43%)
WTL 1.30 Decreased By ▼ -0.01 (-0.76%)
BR100 6,311 Increased By 25.1 (0.4%)
BR30 21,641 Increased By 55 (0.25%)
KSE100 61,802 Increased By 242.4 (0.39%)
KSE30 20,792 Increased By 73.8 (0.36%)

LONDON: Britain recorded a budget deficit of 18.5 billion pounds ($23.82 billion) in June, down by 400 million pounds from the same month last year, the Office for National Statistics said on Friday.

A Reuters poll of economists had pointed to public sector net borrowing, excluding state-owned banks, of 22 billion pounds last month.

The ONS said higher tax receipts and a big fall in government debt interest compared with June 2022 were largely offset by increased benefit payments and other costs.

The June deficit took borrowing in the first three months of the 2023/24 financial year to 54.4 billion pounds, 12.2 billion pounds more than in the same period last year but 7.5 billion less than expected by Britain’s budget forecasters.

Government borrowing soared during the COVID-19 pandemic period and public debt climbed above 100% of gross domestic product, hitting levels not seen since World War Two and standing at 100.8% of GDP in June.

Finance minister Jeremy Hunt and Prime Minister Rishi Sunak have so far resisted calls for tax cuts from lawmakers within their Conservative Party ahead of a national election expected in 2024.

Comments

Comments are closed.

Muhammad Khurram Shabbir Jul 21, 2023 04:34pm
Bad news for the British economy.
thumb_up Recommended (0)