BUDGET BLUNDER: The British government's attempts to cut its deficit were thrown off track when it revealed it borrowed more money than expected in July due to a decline in tax funds.
CORPORATIONS COLLARED: Public sector borrowing in July hit 600 million pounds, compared to a surplus of 2.8 billion pounds a year ago, the Office for National Statistics said. The public sector usually posts a surplus for July as it is a strong month for tax receipts. However, tax revenues for the month were down nearly 1 percent, with corporation tax revenue falling by 10 percent.
GAS LEAK: Part of the dip in corporation tax receipts reflected the temporary closure of the Elgin gas field in the North Sea earlier this year following the discovery of a leak on a platforms operated by French company Total.