Britain’s public finances showed a much smaller than expected deficit in October but still looked weak for the year as a whole, just a day before Chancellor of the exchequer Philip Hammond is likely to unveil plans for heavier public borrowing following June’s Brexit vote.
Britain ran a budget shortfall – excluding state-owned banks – of 4.8 billion pounds last month, 25 percent lower than in October 2015, the Office for National Statistics said on Tuesday, and below all forecasts in a Reuters poll of economists.
This marks a sharp improvement from earlier in the year, when borrowing was falling much too slowly to meet government targets – even before any major impact from June’s referendum.
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