The UK government posted a smaller than predicted budget deficit in May, according to a report from the Bloomberg news service on Monday.
Tax receipts increased faster than spending on public services, the news agency revealed, leaving the government with a deficit of £2.6 billion last month, down on a predicted shortfall of £3.4 billion.
However, despite this evidence that the economy is growing, the article states that the figures are 'the latest to show a deterioration in the finances of Prime Minister, Tony Blair's government,' citing the government's promised spending increases on education, health and the transport system over the next few years.
'That will push the government into deficit in the fiscal year ending April 2003 for the first time in four years,' the report suggests.
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