Government borrowing at lowest September level for 10 years

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Britain saw its smallest budget deficit for any September in the last 10 years, according to official figures.

Last month’s deficit stood at £5.902bn, down almost 11% compared with the same month last year, the Office for National Statistics (ONS) said.

With many economists having forecast a deficit of about £6.5bn, the news will be a boost for Chancellor Philip Hammond ahead of next month’s Budget.

The deficit for August was also revised down by about £1bn to £4.716bn

September’s figures marked the third straight month in which UK public finances were better than analysts had forecast.

The ONS said public sector net debt, excluding state-owned banks, had increased by £145.2bn since September last year to £1,785.3bn, equivalent to 87.2% of gross domestic product.

A Treasury spokesman said: “Whilst we’ve made great progress getting the deficit down by over two thirds, government borrowing is still far too high at over £150m a day.

“We will continue to take a balanced approach that deals with our debts and allows us to invest in our public services.”

Credit: BBC

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