UK government borrows £600m in July as tax receipts dip

The UK government borrowed more than expected in July, traditionally a good month for tax receipts, the Office for National Statistics said.

Borrowing to cover the gap between spending and revenue was £600m in July.

There was a surplus of £2.8bn in the same month a year earlier.

The Treasury blamed disappointing corporation tax receipts but Labour said raising taxes and cutting spending "too far and too fast" had "choked off the recovery".

Hugh Pym reports.

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