Net borrowing came in at £4.3 billion last month, below the projected median forecast of £5.0 billion.
Officials cheered the smaller-than-expected July deficit, but the Bank of England’s continued rate hikes may limit pre-election spending.
Net borrowing, excluding state-owned banks, stood at £4.3 billion last month, less than the median forecast of £5.0 billion in a Reuters poll of economists.That was almost £14 billion more than the same period last year but £11.3 billion less than forecast by the Office for Budget Responsibility whose projections underpin the government’s fiscal plans.
Ruth Gregory, deputy chief UK economist at consultancy Capital Economics, said Hunt should remain cautious about the outlook for the public finances with interest rates still rising and a mild recession apparently on its way. The Office for National Statistics said public debt stood at £2.579 billion or roughly 98.5% of gross domestic product, up almost 2 percentage points from a year earlier and holding at high levels last seen in the 1960s.
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