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The number represents a record deficit for the month of July – usually a surplus year – and also the first time the government accounts have been in the red in that month since 1996.
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I pointed out that no previous chancellor, no previous Conservative PM has promised a budget surplus year in year out precisely because it could lead to cuts in public spending.
EY also expects borrowing forecasts for future years to be revised upwards, predicting the chancellor will deliver a surplus a year later than he originally planned, in 2019-20.
"If he raises taxes this year, he'll have a surplus next year".
At the Kennedy Center, which he took over in 2001, he has more than doubled donations and has run a surplus every year.
That is unusual because the department normally underspends this, its main budget, and has generated a surplus every year since 2007-08.
The IFS dislikes forcing governments to create a surplus each year when it makes them institute extra, and unnecessary, tax rises or cuts to services and welfare funding.
The retirement proposals will save nearly 19 billion euros in 2018 and should bring the pension system back into a surplus that year, while the tax increases will bring in 3.7 billion euros next year, the government said.
In fact, there was a surplus every year between 1947 and 1974.
Overnight, California's property tax revenues fell by almost 60percentt, and the state had to make emergency allocations from a surplus that year to keep services afloat.
That puts the onus on the Australian central bank to do more, particularly as Australia's Labor government is politically shackled to a painful fiscal tightening aimed at delivering a promised budget surplus years before most other developed nations.
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