The UK government is faced with a growing budget deficit that is slated to go beyond previous projections, official figures suggest.
The UK Office for National Statistics announced Thursday that despite a fall in public borrowing last month, deficit reduction in the first three months of the 2016-2017 financial year was slower than what former chancellor of the exchequer George Osborne had projected in his March budget.
In June, public borrowing stood at £7.8 billion, down from £10 billion in the same period last year and significantly less than London’s own £9.5 billion prediction.
However, public sector net borrowing, which is preferred by the government in measuring deficit, amounted to £25.6 billion between April and June 2016, a slight drop from £27.9 billion in the same period last year, according to the ONS.
This means that with the current rate, the deficit would reach £70 billion by the end of the current fiscal year, much higher than…