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UK government deficit narrows in August

Net borrowing in the U.K. public sector, excluding public sector banks, reached £6.4 billion in August, down £500 million from the year-ago period, the Office for National Statistics said.

The amount was lower than the Econoday consensus forecast of £7.1 billion.

Central government receipts rose 3.4% year over year to £59.2 billion in August. Total central government spending edged 0.7% higher to £61.2 billion.

Borrowing from the start of the financial year in April through August was £31.2 billion, representing a £6.8 billion increase from the same period last year.

The Office for National Statistics report took into account revised treatment of student loans, which added £12.4 billion to net borrowing in the financial year ending March 2019. The changes had no impact on net debt.

Earlier this month, Chancellor Sajid Javid unveiled the country's biggest spending boost in 15 years, with day-to-day spending for 2020-21 set to rise 4.1% from current levels.