UK budget shortfall rises unexpectedly

Britain's budget deficit unexpectedly widened last month, with government spending exceeding revenues by £1.8 billion ($2.5 billion), an increase of £700 million compared to the deficit in July of last year. Despite income tax receipts reaching their highest level since 1999, expenditure on public services and benefits remained higher than the previous year, weakening the budget and threatening fiscal balance ahead of the October budget announcement. Additionally, the UK saw a decline in interest payments on public debt, but total debt continued to rise, reaching £2.985 trillion, equivalent to 94.1% of GDP.

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