UK budget deficit narrows by 5% in May to £6.7b

London

BRITAIN'S budget deficit narrowed last month, helped by a recovery in value-added tax receipts and giving Chancellor Philip Hammond some respite ahead of an expected increase in borrowing later this year.

The deficit in May stood at £6.7 billion (S$11.8 billion), down nearly 5 per cent compared with the same month last year, the Office for National Statistics said, citing figures that exclude state-controlled banks.