The Ministry of Human Resources and Emiratisation said in a statement issued today that it will not be lenient in dealing with violators
The public sector net borrowing requirement (PSNBR) — the government’s preferred measure of the public finances — ballooned to a deficit of 8.0 billion pounds (9.26 billion euros, 13.19 billion dollars) last month, the Office for National Statistics (ONS) said in a statement.
That was the first July deficit for 13 years and the highest figure for the month since records began in 1993.
The ONS added that last month’s deficit compared with a repayment of 5.2 billion pounds for the same month of 2008. Market expectations had been for a PSNBR deficit of just 200 million pounds in July, according to Dow Jones Newswires.
The government’s taxation revenues collapsed by 15.3 percent last month, compared with a year earlier, in the largest annual decline since monthly records began in 1998.
‘July’s public sector deficit posted a sharp widening to 8.0 billion pounds, the worst July deficit on record — going back to 1993 — and the first deficit recorded in this month since 1996,’ said Investec economist David Page.
‘The deterioration this month is much to do with the reason that July usually records a surplus,’ he added.
‘The first months of the quarter are usually associated with large corporate tax inflows — but these have been amongst the worst hit by the current recession.’
The ONS said the public sector net cash requirement (PSNCR) — an alternative measure of public finances — worsened last month to show a deficit of 200 million pounds, compared with a surplus of 14.5 billion pounds in July 2008.
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The draw for the $1,000,000 grand prize is set to take place live on December 2