UK unexpectedly posts deficit as tax receipts plunge

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London: Britain unexpectedly posted a budget deficit in July as corporation-tax receipts plunged, partly due to the closure of the Elgin gas field in the North Sea. The shortfall, which excludes government support for banks, was £557 million (Dh3.2 billion, $878 million) compared with a surplus of £2.84 billion a year earlier, the Office for National Statistics said in London yesterday. The median of 17 forecasts in a Bloomberg News survey was for a surplus of £2.2 billion. Tax revenue fell 0.8 per cent and corporation tax plunged 19.3 per cent. Government spending rose 5.1 per cent. While the drop in revenue was largely centred on company taxes, the UK’s struggle to…

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