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The UK budget deficit narrowed in June, the Office for National Statistics said Friday.
Public sector net borrowing, excluding public sector banks, dropped by GBP 0.8 billion to GBP 5.4 billion. This was the lowest June net borrowing since 2016. PSNB was bigger than the expected GBP 5 billion.
At the same time, PSNB for the current financial year-to-date period fell by GBP 5.4 billion from last year to GBP 16.8 billion, the lowest net borrowing for April to June period since 2007.
Data showed that public sector net debt was GBP 1.79 trillion at the end of June 2018, equivalent to 85.2 percent of gross domestic product.
