The UK budget deficit exceeded expectations and marked the second biggest shortfall on record for the month of August, driven by a surge in interest payments, data published by the Office for National Statistics showed on Tuesday.
Public sector net borrowing, excluding public sector banks, totaled GBP 20.5 billion in August 2021. This was the second-highest August borrowing since monthly records began in 1993 and far exceeded the economists' forecast of GBP 15.6 billion.
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Business News
May 15, 2026 15:25 ET Apart from the confirmation of Kevin Warsh as the next Fed chair, the main news on the economics front this week included key price data from the U.S. and the first quarter economic growth figures from major economies. Both consumer prices and producer costs have started to reflect the effect of supply shocks due to the Middle East conflict. In Europe, GDP data was in focus, while inflation data from China dominated the news flow in Asia.