The UK budget deficit was larger than expected in August, a reminder of the difficult financial environment for new finance minister Kwasi Kwarteng as he prepares his first fiscal update of the “mini-budget” for Parliament.
The Office for National Statistics said public sector borrowing, excluding state-owned banks, stood at 11.82 billion pounds ($13.44 billion) last month.
A Reuters poll of economists put the figure at £8.45 billion.
The pound fell on the data and briefly hit $1.1349, its lowest against the dollar since 1985.
Kwarteng is expected to give more details on Friday about his plans to help families and businesses over the next winter, likely including tax cuts, in an event investors say will be a critical test of confidence in the UK economy and public finances.
Source: CNN Brasil
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