Economy showed unexpected deficit in July
Business news 22 Aug 2013
The UK economy experienced an unexpected deficit last month, with public sector net borrowing totalling £62m, the latest figures from the Office for National Statistics (ONS) have revealed.
The deficit compares with a surplus in the month of July during the previous two years.
Meanwhile, public sector net debt reached £1.193 trillion, equating to 74.5% of GDP.
The month of July is normally a high point for tax receipts, which are boosted by the additional revenues from corporation tax and self assessment payments. However, the figures do remain subject to future revision.
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