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UK Borrowing Rises in July

The Treasury ran up a rare July deficit last month, raising doubts about the coalition’s progress in tackling the black hole in Britain’s public finances.

July traditionally sees a surplus as it is a strong month for tax receipts, with quarterly corporation tax payments due. But the Office for National Statistics said the government had to borrow £100m last month, compared with the £800m surplus it ran up in the same month last year.

Once the boost from banking the proceeds of the government’s quantitative easing programme were excluded, the deficit increased to £500m.

Taking the first four months of the financial year together, the underlying picture was of a £36.8bn shortfall, up from £35.2bn over the same period in 2012-13.

That was an increase of 4.7% – a larger rise than the independent Office for Budget Responsibility (OBR) is expecting for the fiscal year as a whole.

via The Guardian [1]

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Alfonso Esparza

Alfonso Esparza [6]

Senior Currency Analyst at Market Pulse [7]
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza