U.K. Has Worst October Deficit Since 2009 in Blow to Osborne
- Figures provide `grim' backdrop for Nov. 25 spending review
- Osborne on course to overshoot 2015-2016 budget-deficit target
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Britain recorded the largest budget deficit for any October since 2009, dealing a blow to Chancellor of the Exchequer George Osborne less than a week before he issues a key fiscal statement.
Net borrowing excluding public-sector banks was 8.2 billion pounds ($12.5 billion) compared with 7.1 billion pounds a year earlier, the Office for National Statistics in London said on Friday. Economists in a Bloomberg News survey forecast 6 billion pounds. Government receipts fell 1.8 percent and spending increased 3.1 percent.