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UK Budget Logs Fourth Highest December Deficit On Record

The UK budget balance posted its fourth biggest December shortfall on record, data released by the Office for National Statistics showed on Tuesday.

Public sector net borrowing excluding public sector banks declined by GBP 7.6 billion from the previous year to GBP 16.8 billion in December. However, this was the fourth-highest December borrowing since records began in 1993.

Central government receipts grew GBP 6.2 billion from the last year, while central government expenditure dropped GBP 1 billion.

In the financial year to December, the budget deficit was GBP 146.8 billion, which was the second-highest financial year-to-December borrowing since monthly records began in 1993.

At the end of December, public sector net debt excluding public sector banks was GBP 2,339.9 billion or around 96.0 percent of gross domestic product, the highest ratio since March 1963.

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