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U.K. Posts Larger-Than-Expected Budget Deficit

Britain had a larger budget deficit in October than economists forecast, underlining the challenge facing Prime Minister David Cameron as he tries to cut record levels of borrowing.

The shortfall was 9.8 billion pounds ($15.6 billion), the largest for any October since at least 1993 and up from 9.4 billion pounds a year earlier, the Office for National Statistics said in London today. The median of 13 forecasts in a Bloomberg News survey was a deficit of 8.9 billion pounds. The deficit excluding government support for the financial sector was 10.3 billion pounds.