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Budget deficit lower than expected in May

The UK budget deficit was significantly lower than expected in the month of May with a figure coming at just under £12 billion as opposed to a forecast of £20.25 billion. However the government's preferred measurements of the public sector borrowing requirement, on an accrual basis, came in at just over £16 billion as oppose to forecast of £18 billion. Either way, the health of the UK budget deficit would appear to be improving.

This comes just days before George Osborne is set release his budget to the House of Commons which will no doubt contain a number of "surprises". There is speculation and counter speculation as to how George Osborne will reduce the UK budget deficit and whether he would increase the tax burden for the UK public. There are many different factors for George Osborne to take into account, not least the fact that by choking the UK public and the UK business arena with additional taxes this could put the UK economic revival at risk.

There's also the outstanding need to address the budget deficit which is improving but still needs a significant amount of work. Putting the UK back on an even keel will not be easy.

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