Arab Today, arab today uk budget deficit doubles as taxes fall
Last Updated : GMT 11:00:35
Arab Today, arab today
Arab Today, arab today

UK budget deficit doubles as taxes fall

Arab Today, arab today

Arab Today, arab today UK budget deficit doubles as taxes fall

London - Arabstoday

Britain’s budget deficit almost doubled in February as taxes fell and spending surged, leaving Chancellor of the Exchequer George Osborne little room to meet his full-year goal as he prepares to announce the annual budget. Net borrowing excluding support for banks was 15.2 billion pounds ($24.1 billion), the highest for any February on record, compared with 8.9 billion pounds a year earlier, the Office for National Statistics said in London today. The median of 17 forecasts in a Bloomberg News survey was for a shortfall of 8 billion pounds. Osborne has rejected calls to relax his program of cuts, saying warnings from Fitch Ratings and Moody’s Investors Service that Britain could lose its top credit rating reinforce the need to stick to his plan to erase the structural deficit by 2017. “It provides a very uncomfortable background for the budget,” said Philip Shaw, an economist at Investec Securities in London. “We’ll get tough talk today but against a really nasty number for February. The fact there has been a worsening on this scale is a big surprise.” Osborne is due to announce his budget statement to Parliament in London at 12:30 p.m. A separate report from the Bank of England today showed policy makers Adam Posen andDavid Miles maintained a push for more stimulus this month as the majority favored waiting to monitor the “substantial risks” to the medium-term inflation outlook. Opposition Calls The pound fell after the reports and was trading at $1.5846 as of 11:56 a.m. in London, little changed on the day. With one month of the fiscal year remaining to be reported, the deficit was 110 billion pounds, compared with 118.9 billion pounds in the first 11 months of the previous fiscal year. In November, the Office for Budget Responsibility forecast the full-year deficit would be 127 billion pounds after the economic slowdown forced it to raise its medium-term borrowing projections. The budget comes amid opposition calls to spur the economy by scaling back cuts that will cost more than 700,000 government jobs. Osborne, whose Conservative Party governs in coalition with the Liberal Democrats, has said concessions will be targeted at people on low and middle incomes, paid for by increasing taxes on the wealthy. ‘Off Track’ “Whatever claims he makes in his budget speech, the chancellor is wildly off track on his borrowing plans,” Rachel Reeves, a Treasury spokeswoman for the Labour Party, said in a statement. “By choking off the recovery, pushing up unemployment and so borrowing billions more to pay for economic failure, cutting spending and raising taxes too far and too fast has backfired.” In February, tax revenue fell 2.7 percent from a year earlier, driven by lower receipts of self-assessed income tax, the statistics office said. Spending rose 8.3 percent, with current spending and welfare payments both jumping. The Treasury noted in a statement that tax receipts were weak last month and said customary year-end spending by departments helped push up the budget deficit. Still, the government is “making progress” in cutting borrowing, it said. The deficit including government support for banks was 12.9 billion pounds compared with 6.1 billion pounds a year earlier. There was a public-sector net cash surplus of 7.8 billion pounds. Economists predicted a 1 billion-pound surplus. Net debt rose to 995 billion pounds, or 63.1 percent of GDP. That’s up from 58.8 percent a year earlier.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today uk budget deficit doubles as taxes fall Arab Today, arab today uk budget deficit doubles as taxes fall

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today uk budget deficit doubles as taxes fall Arab Today, arab today uk budget deficit doubles as taxes fall

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today unveils Joon - the 'millenials' airline

GMT 13:36 2017 Saturday ,23 September

unveils Joon - the 'millenials' airline
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Iran tests new medium-range missile

GMT 21:24 2017 Saturday ,23 September

Iran tests new medium-range missile
Arab Today, arab today North Korea 'more opaque'

GMT 10:50 2017 Sunday ,24 September

North Korea 'more opaque'
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today 'Lady Beast' fights for girl gamers

GMT 10:27 2017 Sunday ,24 September

'Lady Beast' fights for girl gamers
Arab Today, arab today Psychologists help Mexico deal

GMT 05:05 2017 Sunday ,24 September

Psychologists help Mexico deal
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Carmakers face billions in European

GMT 12:37 2017 Saturday ,23 September

Carmakers face billions in European
Arab Today, arab today Mercedes pumps 1 bln euros    

GMT 06:04 2017 Friday ,22 September

Mercedes pumps 1 bln euros    
Arab Today, arab today Lebleba is preoccupied in filming 'Back Street'

GMT 08:56 2017 Thursday ,21 September

Lebleba is preoccupied in filming 'Back Street'
Arab Today, arab today Big Western brands polluting oceans

GMT 20:10 2017 Saturday ,23 September

Big Western brands polluting oceans

GMT 08:59 2017 Wednesday ,20 September

Youssra prepares for launching her program

GMT 10:16 2017 Friday ,22 September

All eyes on May as she prepares

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 12:01 2017 Wednesday ,20 September

Puerto Rico, Virgin Islands brace

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 08:39 2017 Friday ,22 September

New Hurdles as Republicans Rush

GMT 06:49 2017 Friday ,22 September

O'Leary: Could ground more planes

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:46 2017 Thursday ,21 September

Google likely to buy stake in Taiwan smartphone maker HTC

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday