UK budget deficit narrows on higher tax revenue

Philip Hammond, U.K. chancellor of the exchequer, reacts during a plenary session at the World Economic Forum (WEF) in Davos, Switzerland, on Friday, Jan. 20, 2017. World leaders, influential executives, bankers and policy makers attend the 47th annual meeting of the World Economic Forum in Davos from Jan. 17 - 20. Photographer: Jason Alden/Bloomberg

LONDON: Britain’s budget deficit narrowed in December as tax revenue jumped, putting Chancellor of the Exchequer Philip Hammond (pic) on course to meet his new fiscal forecasts.

Net borrowing was £6.9bil compared with £7.2bil a year earlier, the Office for National Statistics said yesterday. It left the shortfall in the first nine months of 2016-17 at £63.8bil, down 14%.