UK budget deficit was higher than expected in July

The Office for National Statistics (ONS) reported that the UK budget deficit was higher than expected. This underscores the challenge for the next British prime minister to provide support for consumers affected by rising energy costs.

Public borrowing, excluding government banks, was 4.944 billion pounds ($5.89 billion).

UK’s budget deficit will stand at 2.8 billion pounds in July. This is usually the month when the government collects taxes into the treasury.

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