UK budget deficit falls to 17-year low

  • by Ahmed Mamdouh
  • April 24, 2019, 13:31 AM
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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, 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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