UK budget deficit narrows to lowest level September since 2007

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Inflation-fuelled rise in VAT receipts cheers chancellor ahead of budget but analysts warn of OBR cut in forecasts and further Brexit uncertainty

Britain’s budget deficit has fallen to its lowest level in any September for the last 10 years, giving Philip Hammond a boost ahead of next month’s autumn budget.

The 11% drop from September last year shows the government’s finances putting in a better than expected performance despite recent Brexit turmoil and a dramatic slowdown in GDP growth.

The government's finances are measured each month by the Office for National Statistics (ONS). Tax receipts make up the vast majority of government income, while spending on welfare and services make up most of its outgoings.

Related: UK budget deficit narrows as shoppers boost VAT receipts

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