Britain gave another glimpse of the extent of its deteriorating public finances Thursday, when a shortfall in tax receipts led to the country’s first budget deficit in January in at least 17 years.
The government spent £4.3 billion, or $6.7 billion, more than it collected in taxes in January — traditionally the month with the highest tax receipts of the year. Many economists had predicted a budget surplus for the month, and said the deficit emphasizes the need for urgent policy changes to avoid public debt spiraling out of control.
Full story: Britain Sees First January Budget Deficit in 17 Years via NYTimes.com