The U.K posted its first budget deficit in 17 years for the month of January as the nation struggles to recover from the recession. The pound slipped after data was released indicating Britain had not managed a surplus for the month while under global examination following the plight of several EU nations.
The deficit has struck analysts as troublesome as it encourages further scrutiny on the country’s deficit-reduction program. Analysis reveals spending for the central government increased by 9.7 percent while tax receipts fell 7.7 percent.
The deficit cuts should begin after the election in the summer of this year.
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