British July budget faces unexpected deficit
The British government recorded an unexpectedly high deficit in the July budget, with net borrowing reaching £1.8 billion, despite strong revenues and pressures ahead of October's budget. This was due to a £2 billion increase in government spending on social benefits and a £1.2 billion rise in expenditures on goods and services, reflecting financial challenges ahead of the new budget review. Although the deficit in June decreased to £12.8 billion, borrowing for the first four months of the 2026-2027 fiscal year remains higher than expected, totaling £56.7 billion compared to an anticipated £54.4 billion.
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