Britain posts unexpected deficit in July

Britain unexpectedly posted a budget deficit in July as corporation tax receipts plunged, partly due to the closure of the Elgin gas field in the North Sea.

21st August, 2012
George Osborne

Britain unexpectedly posted a budget deficit in July as corporation tax receipts plunged, partly due to the closure of the Elgin gas field in the North Sea.

The shortfall, which excludes government support for banks, was stg£557 million compared with a surplus of stg£2.84 billiona year earlier, the Office for National Statistics said in London today.

The median of 17 forecasts in a Bloomberg News survey was for a surplus of stg£2.2 billion.

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