Economics
U.K. Kicks Off Fiscal Year With $45 Billion Budget Deficit
- Borrowing down sharply compared with pandemic-hit April 2020
- Sunak faces challenge to rein in largest peacetime shortfall
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The U.K. posted a 31.7 billion-pound budget deficit ($45 billion) in April as the new fiscal year got under way.
The shortfall reported by the Office for National Statistics Tuesday was in line with the median forecast of economists but well below the 47.3 billion pounds registered in April last year, when the first coronavirus lockdown pummeled the public finances.