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Inflation surge pushes up Britain’s budget deficit

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Reuters UK

By Andy Bruce and William Schomberg LONDON (Reuters) -A surge in debt costs pushed up by soaring inflation to twice their previous monthly peak added to Britain’s budget deficit in June, which was its highest since April 2021, data showed on Thursday. The Office for National Statistics said public sector net borrowing excluding state-owned banks rose to 22.879 billion pounds ($27.44 billion) from 12.560 billion pounds in May. A Reuters poll of economists had pointed to a deficit of 23 billion pounds. The figures showed Britain racked up debt interest of 19.4 billion pounds in June alone, more …

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