The UK budget deficit exceeded the official estimate in August, despite a notable increase in tax revenue, as high inflation raised the debt servicing costs, data published by the Office for National Statistics revealed Wednesday.
Public sector net borrowing excluding public sector banks declined to GBP 11.8 billion from GBP 14.4 billion last year.
However, this was GBP 5.8 billion more than the GBP 6.0 billion forecast by the Office for Budget Responsibility and also GBP 6.5 billion more than in pre-coronavirus period. The level expected by economists was GBP 8.45 billion.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.