Hammond Facing $19 Billion Deficit Overshoot in 2016-17: ChartBy
Britain is on course to borrow billions of pounds more this year than officials predicted in March as tax receipts continue to disappoint. Figures on Tuesday will provide a gloomy backdrop as Chancellor of the Exchequer Philip Hammond prepares to announce the first fiscal statement since the Brexit vote, with economists in a Bloomberg survey predicting a budget deficit of 6 billion pounds ($7.5 billion) in October. That would leave the shortfall in the first seven months of 2016-17 just shy of the 55.5 billion pounds forecast by the Office for Budget Responsibility for the full fiscal year.
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