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Britain's public borrowing rises unexpectedly in July

(Xinhua)

08:54, August 22, 2012

LONDON, Aug. 21 (Xinhua) -- Britain's public borrowing rose unexpectedly to 600 million pounds (945 million U.S. dollars) in July, latest figures from the Office for National Statistics (ONS) showed on Tuesday.

In the same period last year, there was a surplus of 2.8 billion pounds since July is usually a strong month for tax receipts.

ONS figures show Britain's tax revenues in July were down nearly 1 percent, with corporation tax revenue falling by 10 percent.

However, income tax, national insurance and VAT increased, while spending, including welfare payments, was more than expected.

The news comes as a blow to the government's full-year borrowing target, which had planned to eliminate the deficit by 2015. (1 pound = 1.575 U.S. dollars)

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