City A.M. reports that In July 2013, the UK’s public sector balance was in deficit of £0.2bn, according to data released today by the Office of National Statistics (ONS). This represented a reduction of £0.8 billion compared with July 2013, when net borrowing was £1bn. It is the first deficit to have been recorded since January this year.
Excluding APF transfers from net borrowing, July 2014 was in deficit by £0.8 billion and July 2013 was £1.6 billion. The ONS say that the reduction was the result of central government receipts increasing more than central government expenditure.
