UK posts highest Aug deficit in 3 years as tax receipts fall
London
BRITAIN posted the highest August budget deficit since 2012 as the tax take from individuals and companies dropped.
Spending exceeded revenue by £12.1 billion (S$26.5 billion) compared with a deficit of £10.7 billion a year earlier, the Office for National Statistics (ONS) said in London on Tuesday. Economists in a Bloomberg survey had forecast a £9.2 billion shortfall. Government income fell 0.6 per cent and spending climbed 1.6 per cent.
The statistics office cautioned against reading too much into the increase in borrowing, saying it reflected a drop in self-assessed income tax payments from the large amount paid in July. Taking the two months together, …
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
US inflation increases moderately in February; consumer spending surges
Fed’s balancing act could see June rate cut in play even with sticky inflation
China’s red carpet draws CEOs but few expect their money to follow
Australia wants businesses to diversify after China scraps wine tariffs
Japan FX chief calls yen’s slump unusual, vows to act if needed
Trump’s meme stock is skyrocketing but for how long?