2017.11.2104:42:00UTC+00UK Budget Deficit Widens In October

The UK budget deficit increased in October, the Office for National Statistics reported Tuesday.

Public sector net borrowing, excluding public sector banks, increased by GBP 0.5 billion from the previous year to GBP 8 billion in October.

In the current financial year-to-date period, PSNB dropped by GBP 4.1 billion to GBP 38.5 billion. This was the lowest year-to-date net borrowing since 2007.

The Office for Budget Responsibility forecast that PSNB will be GBP 58.3 billion during the financial year ending March 2018.

At the end of October 2017, public sector net debt was GBP 1,790.4 billion, equivalent to 87.2 percent of gross domestic product.