July data shows total public debt was £2.98tn, or 94% of GDP – up £96bn on a year earlier Business live – latest updates The UK government ran a larger than expected £1.8bn deficit in July, underlining the challenges facing the chancellor, John Healey, as he draws up his first budget. City economists had expected a shortfall of zero for July, a month when Treasury receipts tend to be swollen by self-assessment income tax payments. Continue reading...