Britain's budget records its fourth-highest deficit ever

London-Sana

Data from the British Office for National Statistics revealed yesterday that Britain's budget recorded last December its fourth largest deficit for such a month ever.

According to the German news agency “DPA”, the data showed a decline in the net borrowing of the British public sector, excluding public sector banks, by about 7.6 billion pounds from the previous year, which represents the fourth highest borrowing since records began in 1993.

While central government revenues rose 6.2 billion pounds from the previous year, central government spending fell by 1 billion pounds, and the budget deficit reached 146.8 billion pounds, the second-highest borrowing rate for a fiscal year until last December since monthly records began in 1993.

Net public sector debt, excluding public sector banks, stood at 2,339.9 billion pounds as of the end of December, representing about 96 percent of GDP, the highest since March 1963.

In a related context, the British “PA Media” news agency reported that the British consumer goods company Unilever intends to cut 1,500 jobs in its branches around the world as part of a large-scale restructuring process, about 15 percent of major management positions and 5 percent of smaller management positions.