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Bloomberg.com reported:
Britain posted a smaller budget deficit in July than economists forecast as stronger economic growth boosted tax receipts, putting the coalition government on course to reduce record levels of borrowing this year.
Net borrowing was 3.17 billion pounds ($5 billion), less than the 4.8 billion-pound median forecast in a Bloomberg News survey of 14 economists, the Office for National Statistics said in London today. In separate data, retail sales jumped 1.1 percent in July, the most in five months, and an index of factory orders rose to a two-year high in August.
Although this data is just for a month, future reports in this direction could indicate that the UK might reduce its budget deficits all the while averting a fresh recession.
Britain posted a smaller budget deficit in July than economists forecast as stronger economic growth boosted tax receipts, putting the coalition government on course to reduce record levels of borrowing this year.
Net borrowing was 3.17 billion pounds ($5 billion), less than the 4.8 billion-pound median forecast in a Bloomberg News survey of 14 economists, the Office for National Statistics said in London today. In separate data, retail sales jumped 1.1 percent in July, the most in five months, and an index of factory orders rose to a two-year high in August.
Although this data is just for a month, future reports in this direction could indicate that the UK might reduce its budget deficits all the while averting a fresh recession.