UK Budget Deficit Falls In February

The UK budget deficit narrowed in February from the last year but the shortfall was the second-highest for the month of February since records began in 1993, the Office for National Statistics said on Tuesday.

Public sector net borrowing excluding public sector banks was GBP 13.1 billion in February, which was GBP 2.4 billion less than in February.

In the financial year-to-February, PSNB excld banks totaled GBP 138.4 billion, the third-highest financial year-to-February borrowing since monthly records began in 1993. However, this was less than half of the GBP 290.9 billion borrowed in the same period last year.

Data showed that public sector net debt excluding public sector banks was GBP 2,326.8 billion at the end of February, or around 94.7 percent of gross domestic product, maintaining a level not seen since the early 1960s.

The coronavirus support schemes combined with reduced cash receipts and a fall in GDP were cited as the major reasons for the increase in net debt.

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