UK budget deficit falls in June but experts say tax cuts are unlikely
by Phillip Inman from Economics | The Guardian on (#6D5FS)
Jeremy Hunt says government needs to keep fiscal discipline as it attempts to halve inflation
The UK's spending deficit fell unexpectedly last month, helped by higher income tax revenues on the back of a flurry of wage rises earlier in the year and a jump in VAT receipts.
The public finances were 18.5bn in the red in June, 400m below the same month last year and below the 22bn shortfall the City had forecast, the Office for National Statistics said.
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