State borrowing halves in July: official data

AFP
Chancellor of the Exchequer George Osborne holds the budget box outside 11 Downing Street in London on March 19, 2014
Chancellor of the Exchequer George Osborne holds the budget box outside 11 Downing Street in London on March 19, 2014 (AFP Photo/Leon Neal)

London (AFP) - Britain's state borrowing fell sharply last month on rising tax receipts, official data showed on Thursday.

Public sector net borrowing, the government's preferred measure of the deficit, stood at £800 million ($1.33 billion, 1.0 billion euros) in July.

The figure, which excludes financial sector intervention measures and transfers from the Bank of England's cash stimulus scheme, compared with £1.6 billion in the same month of last year.