UK unexpectedly posts deficit as tax receipts plunge


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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A Valuable View of Trends in New U.S. Electric Power Sources

This is a valuable long-view chart from the Energy Information Administration showing how natural gas plants and wind turbines have been the dominant sources of new electricity generation capacity in the United States in recent years. Click here for more background from the Energy Department. There’s plenty of additional discussion […]