Record August budget deficit in Britain

Britain posted a record August budget deficit last month as the recession continues to bite into government tax receipts, official figures showed.

The Office for National Statistics said the public sector net cash requirement stood at £10.379 billion (€11.4678bn) in August.

That was lower than the £12bn expected by analysts but still twice the level of the same month a year ago and a record for the month of August. July’s PSNCR was also revised up by £1.5bn.