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UK Government Borrowing Rises Despite Record Income Tax Revenues

Provided by Dow Jones Aug 21, 2026, 11:32:00 AM

By Paul Hannon

The U.K. government borrowed more in July than a year earlier as an increase in spending more than offset record revenues from income taxes, although its budget deficit for the first four months of the fiscal year fell.

The Office for National Statistics on Friday said the government had a budget deficit of 1.8 billion pounds ($2.45 billion), an increase of 700 million pounds from July 2025.

For the fiscal year to date, borrowing totaled 56.7 billion pounds, a decline of 6 billion pounds from the same period last year, but 2.3 billion pounds above projections published by the Office for Budget Responsibility.

Write to Paul Hannon at paul.hannon@wsj.com

(END) Dow Jones Newswires

August 21, 2026 02:32 ET (06:32 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.

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