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UK budget deficit getting worseby Stuart Ryan, 24th May 2011Today has seen Britain post the largest budget shortfall in the month of April since 1993. Figures from the Office of National Statistics show that net borrowing reached £10bn, a figure higher than analysts expected, compared to one year earlier when the amount was £7.2bn. However, tax receipts in April last year benefited from the one-off bank payroll tax that raised £3.5bn that reduced the figure. The chancellor, George Osborne, is expected to continue with plans to bring the bulk of the deficit to more manageable levels by April 2015 with a target of reducing the deficit by £122bn this financial year. This will result in the biggest cuts since the Second World War.
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