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Uk Public Finances Disappoint In July As Spending Rises

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http://uk.reuters.com/article/2013/08/21/uk-britain-borrowing-idUKBRE97K0A120130821

Britain's public finances posted an unexpected deficit in July as the government struggled to rein in spending, official data showed on Wednesday.

The Office for National Statistics said the government's preferred measure of public borrowing, which excludes some of the effects of its bank bailouts, showed a deficit of 62 million pounds compared with a surplus of 823 million in July 2012.

This was the first deficit for the month of July - which typically shows a surplus due to tax payments - since 2010 and much worse than a surplus of 2.45 billion pounds forecast by economists in a Reuters poll.

The data showed cash outlays rose by more than 5 billion pounds compared with July last year. The statistics office said it had been told by government officials that they expected this to be revised.

Borrowing in the fiscal year to date jumped to 24.706 billion pounds from 7.190 billion in the same four months a year ago.

So govt accountants going to fudge the figures then?

Clearly we aren't getting the low paid paying enough taxes.

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Can't remember the last time the austerity word was (mis) used either.

Probably because Central Government Current Expenditure is 4.3% higher in the first four months of this fiscal year than the same period last year.

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GBPUSD being talked of as a 'safe haven' during emerging markets uncertainty. :lol::blink:

Edited by aSecureTenant

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Given the fudging of GDP figures through Imputed Rent, tax receipts should be an alternative source on whether the economy is growing. In this case, it looks like it isn't...

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GBPUSD being talked of as a 'safe haven' during emerging markets uncertainty. :lol::blink:

The usual pricks on Wall Street and the Crooked Mile having to repatriate their QE gambling losses

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Nominal or real?

Its all real....its the recovery according to the Beeb.

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