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U.K. Has Biggest August Budget Deficit on Record on Spending

Britain had its biggest budget deficit for any August since modern records began in 1993 as government spending jumped and income-tax receipts declined.

The shortfall of 15.9 billion pounds ($25 billion), which excludes government support for banks, compares with 14 billion pounds a year earlier, the Office for National Statistics said in London today. The median of 17 forecasts in a Bloomberg News survey was for a deficit of 13 billion pounds. Revenue rose 5.9 percent and spending increased 7.2 percent.