UK Budget Deficit Best Since February 2007

Britain’s public finances are on a roll but officials don’t expect the good news to last.

The budget deficit last month was 1.8 billion pounds ($2.2 billion), the best performance for any February since 2007, the Office for National Statistics said Tuesday. Revenue surged 7.1 percent from a year earlier and spending rose just 0.5 percent.

It left the deficit in the first 11 months of the fiscal year at 47.8 billion pounds, comfortably on course to achieve the Office for Budget Responsibility’s full-year forecast of 51.7 billion pounds.


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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.