Budget deficit leaps as Brexit-fuelled inflation troubles Hammond

Government borrowing rises by more than expected to £6.9bn in June – almost 50% higher than in the same month last year

The government was forced to borrow more than expected in June after a jump in the UK’s budget deficit to £6.9bn – almost 50% higher than the same month last year.

The sharp rise followed a spike in the cost of financing the UK’s debt, a drop in corporation tax receipts and a larger than forecast contribution to the EU in June.

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