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UK Budget Deficit Third Highest On Record In December

The UK budget deficit widened to the third highest level on record in December, data from the Office for National Statistics showed Friday.

Public sector net borrowing, excluding public sector banks, totaled GBP 34.1 billion in December, which was GBP 28.2 billion more than in the same period last year.

This was both the highest December borrowing and the third-highest borrowing in any month since monthly records began in 1993.

During the financial year April to December period, public sector net borrowing increased by GBP 212.7 billion from the last year to GBP 270.8 billion, the highest deficit in any April to December period since 1993.

In the first nine months of the financial year, public sector net debt reached GBP 2,131.7 billion, or around 99.4 percent of GDP. This was the highest debt to GDP ratio since the financial year ending 1962.

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