Philip Hammond will be cheered by the unexpectedly positive public borrowing figures as he prepares for his autumn statement next month Stefan Rousseau / WPA Pool / Getty ImagesBritain has achieved the smallest budget deficit in September for ten years, according to official figures that will provide a boost for Philip Hammond before his autumn statement next month. Public sector net borrowing, excluding banks, fell by £700 million in September compared to the same month last year to reach £5.9 billion, the Office for National Statistics said. The figure was significantly smaller than the £6.5 billion that economists had been expecting. The figures for September mark the third straight month in which the public finances have performed much better than analysts expected, even as the prospect of Britain’s departure from the European Union has weighed on the overall economy. The deficit for August was also revised down by about £1 billion to £4.716…

Source: The Times October 20, 2017 11:03 UTC