UK Budget Deficit Widens On Measures To Combat Covid-19
2020年7月21日 - 05:43PM
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The UK budget deficit increased sharply in June as the
government took measures to support businesses and individuals to
address the impact of the coronavirus pandemic.
Public sector net borrowing excluding public sector banks
increased GBP 28.3 billion from last year to GBP 35.5 billion in
June, which was the third highest deficit in any month on records,
data from the Office for National Statistics showed Tuesday.
Borrowing for May was revised down by GBP 9.8 billion to GBP
45.5 billion due to stronger than previously estimated tax
receipts.
Due to the unprecedented impact on public finance, the budget
deficit for the quarter ended June hit a record GBP 127.9 billion.
This was more than double the GBP 55.4 billion borrowed in the
whole financial year ended March 2020.
Data showed that central government net cash requirement in June
was GBP 47.1 billion, about GBP 33.6 billion more than in June 2019
and the highest cash requirement in any June on record. At the end
of June, public sector net debt excluding public sector banks
increased by GBP 195.5 billion from last year to GBP1,983.8
billion. As a percentage of gross domestic product, debt was 99.6
percent at the end of June, which was the highest debt to GDP ratio
since the financial year ending March 1961.
The smaller rise in public sector borrowing in June compared to
May suggests that government support is starting to wind down as
the economy reopens, Thomas Pugh, an economist at Capital
Economics, said.
However, government borrowing is still exceptionally high and a
slowdown in the recovery and further rise in unemployment later
this year will prompt the government to announce additional fiscal
spending at the next Budget, the economist said.
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