UK Runs Much Bigger Than Expected Budget Deficit in May (opens in new tab)

Britain's government ran a budget deficit of £23.3 billion pounds ($30.7 billion) in May, the Office for National Statistics said on Friday, up 30% on a year earlier and above all economists' expectations in a Reuters poll. Economists polled by Reuters had a median forecast of £18.5 billion ⁠for the month. In ⁠March, before the impact of the US-Iran war was clear, the government's budget watchdog forecast Britain would run a £115.5 billion ⁠deficit in the 2026/27 financial year, equivalent to...