UK budget deficit falls to 17-year low

  • by Ahmed Mamdouh
  • April 24, 2019, 13:31 AM
  • 101 Views
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U.K. budget deficit fell to the lowest level in 17 years in March, yet finance minister Philip Hammond missed his 2018/19 budget gap target.

Public sector net borrowing registered £24.7 billion in the year ended March, compared to a deficit of £41.8 billion recorded in the 2017/18 financial year. However, that came above analysts’ forecast of £22.8 billion shortfall.

The current deficit represents 1.2 percent of GDP, down from 9.9 percent of GDP, or £153 billion, during the 2008-09 financial crisis.

The budget deficit reached £1.7 billion in the month of March, which came above estimates of £400 million.

As of 09:26 GMT, the pound was 0.03 percent down at $1.2933 after plunging to a low of $1.2914, the lowest level since February 19.

Ahmed Mamdouh

Ahmed Mamdouh is the head of the English Fundamental Analysis at Ofeed.com, with 11 years of experience in the financial markets. Mamdouh holds a Master’s Degree in Economics from the American University in Cairo and a Bachelor Degree in Economics from the Faculty of Economics and Political Science, Cairo University.

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