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U.K. Budget Deficit Widens as Inflation Boosts Debt Costs

  • Interest payments rise to highest for any October since 2013
  • Figures come as Chancellor Hammond prepares to announce budget
Bloomberg business news

Foley, Merritt on the U.K. Budget and Currencies

Updated on

Britain’s fiscal deficit unexpectedly widened as inflation saw debt costs rise to the highest for any October in four years.

Net borrowing was 8 billion pounds ($10.6 billion) compared with 7.5 billion pounds a year earlier, the Office for National Statistics said Tuesday. Economists had expected it to narrow to 7.1 billion pounds, the median estimate in a Bloomberg survey showed.