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.