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UK Budget Posts Biggest January Deficit On Record

The UK budget balance showed its biggest deficit for January on record due to higher government spending amid the pandemic, the Office for National Statistics reported Friday.

Public sector net borrowing, excluding public sector banks, increased by GBP 18.4 billion from last year to GBP 8.8 billion in January. This was the highest January borrowing since monthly records began in 1993 and the first January deficit for 10 years.

During April to January, PSNB surged by GBP 222 billion from the last year to GBP 270.6 billion. This was the highest borrowing in any April to January period since records began in 1993, the ONS said.

Public sector net debt rose by GBP 316.4 billion over the first ten months of this financial year to reach GBP 2,114.6 billion at the end of January, or around 97.9 percent of gross domestic product, data showed.

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