Revenue and Fiscal Performance - In June, general public budget revenue was 1.89 trillion, with a year-on-year growth rate of -0.3%, marking a decline of 0.4 percentage points from the previous month[3] - Non-tax revenue in June fell by 3.7% year-on-year, with the decline widening by 1.5 percentage points compared to May, primarily due to a high base from the previous year[3] - Tax revenue in June showed a slight year-on-year increase of 1.0%, recovering by 0.4 percentage points from May but still below April levels[3] Expenditure and Budget Deficit - June fiscal expenditure grew by only 0.4% year-on-year, a significant drop of 2.2 percentage points from May, continuing a downward trend for the second consecutive month[4] - Cumulative fiscal expenditure for the first half of the year increased by 3.4% year-on-year, significantly outpacing revenue growth by 3.7 percentage points, indicating stable support for total consumption and investment demand[4] - The budget deficit for the first half of the year reached 2.57 trillion, an increase of 0.5 trillion year-on-year, raising the need for government bond financing[4] Government Fund and Debt Issuance - Government fund budget revenue in June rebounded sharply by 28.9% year-on-year, with land transfer fees contributing significantly to this increase, rising by 36.5 percentage points from May[5] - Government fund expenditure surged by 79.2% year-on-year in June, driven by accelerated issuance of special government bonds, with total expenditure growth for the first half of the year reaching 30%[5] - The overall budget deficit for government funds in the first half of the year reached 2.68 trillion, a substantial increase of 1.1 trillion year-on-year[5] Future Outlook and Risks - The fiscal revenue shortfall is expected to widen further, potentially triggering the issuance of special government bonds if three conditions are met, including low inflation and continued pressure on tax revenue[6] - The financing progress for government bonds has already reached 55.2% of the annual plan, significantly higher than the same period in 2024 and 2023[6] - Risks include the possibility of fiscal expansion being lower than expected, which could impact the effectiveness of consumption and investment stimulus measures[6]

IMF警告里夫斯面临重大挑战，敦促其调整财政规则 金十数据7月25日讯，据英国《金融时报》，国际货币基金组织（IMF）警告称，英国财政大臣里夫斯 在推进政府政策议程的同时，若坚持其自行设定的财政规则，将面临"重大挑战"。IMF呼吁里夫斯"优 化"其预算制度。IMF在周五发布的英国年度经济报告中指出，尽管政府在经济和公共服务方面提出的 大胆改革"方向正确"，但里夫斯在财政操作上的回旋余地有限，加上特朗普贸易战所带来的冲击，使这 些改革面临风险。根据3月数据，在其主要财政规则下的可用空间估计为99亿英镑，但受疲弱经济增长 影响，她被迫对原本计划中的公共支出削减措施做出调整。部分经济学家预计，到秋季预算时，里夫斯 面临的财政缺口可能超过200亿英镑。 ...

"里夫斯试图重新振作起来"，英国《泰晤士报》3日报道称，斯塔默当天与里夫斯共同发布英国国家医 疗服务体系10年规划，以高调姿态展示"政治团结"。在这场临时安排的公开露面中，斯塔默先是拥抱了 里夫斯，随后称赞后者工作"极为出色"，明确表示她不会离任。《泰晤士报》称，对于里夫斯和斯塔默 来说，更艰难的时刻还未到来。德意志银行测算，英国政府在秋季预算公布前面临的财政缺口高达180 亿至320亿英镑。 2024年7月5日，正式就任首相的斯塔默立下一系列经济目标，承诺"国家复兴"。英国《经济学人》称， 目前来看，斯塔默的施政进展极为缓慢，受经济增长乏力、高税收政策及取消部分福利政策的影响，工 党的支持率已从去年7月的34%下降至如今的24%，比英国改革党落后5个百分点。彭博社称，斯塔默面 临的一大难题是，政治纷扰让选民忽略了生活中的潜在改善，而政策从规划、实施到对经济产生预期影 响具有滞后性。（唐陆一） 【环球时报综合报道】在英国工党以"压倒性优势"赢得下议院多数席位一周年之际，英国《金融时报》 4日报道称，仍在寻找执政方向的工党陷入内部分裂，不少议员直言首相斯塔默"犯错太多"。两名工党 资深议员对英国天空新闻网表示， ...

美国财长贝森特：共和党法案中的税收条款永久性保留将提供确定性。目标到2028年实现约3%的财政 缺口。 ...