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UK budget deficit narrows in May

Staff Writer |
The British budget deficit reached the lowest for the month of May since 2007, figures from the Office for National Statistics showed Wednesday.

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Public sector net borrowing excluding public sector banks decreased by GBP 0.3 billion from previous year to GBP 6.7 billion. This was the lowest May borrowing since 2007. The expected level was GBP 6.8 billion.

Public sector net debt, excluding public sector banks, was GBP 1,737.3 billion at the end of May, equivalent to 86.5% of gross domestic product.

Central government net cash requirement decreased by GBP 14.3 billion to a surplus of GBP 6.9 billion in the current financial year-to-date, the ONS reported.

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