British deficit cutting gets boost by decrease in public borrowing
AFPLONDON--British state borrowing sank last month on lower public spending and high tax receipts, official data showed on Friday, boosting the government's attempt to slash the country's huge deficit.
September 21, 2013, 12:07 am TWN
Public sector net borrowing, a measure of the public deficit, dropped to 13.2 billion pounds (US$21.2 billion, 15.6 billion euros) in August, the Office for National Statistics (ONS) said in a statement.
The Conservative-Liberal Democrat coalition government's net borrowing had stood at 14.4 billion pounds in August 2012.
Market expectations had been for a smaller drop last month to 13.5 billion pounds, according to analysts polled by Dow Jones Newswires.
Government tax receipts increased 1.4 percent to 41.2 billion pounds in August, while government spending fell 2.2 percent to 51.3 billion pounds.