Dow futures dips 60 points; European markets lower

May 22, 2025 11:56 AM ISTUS Stock Market Live: UK Budget Deficit Exceeds ForecastUK government borrowing posted a surprise increase in the first month of the new fiscal year, providing Chancellor of the Exchequer Rachel Reeves little relief from the difficult budget backdrop she has faced since taking office.
The deficit in April was £20.2 billion ($27.1 billion), the Office for National Statistics said Thursday. The shortfall was £1 billion higher than a year earlier and well above the £17.9 billion median forecast of economists surveyed by Bloomberg. The Office for Budget Responsibility, the fiscal watchdog, will publish its monthly profile for 2025-26 later today.
The disappointing outturn came despite the controversial £26 billion hike in employer payroll taxes, which came into effect last month, and lower debt-interest costs. Receipts from compulsory social contributions, which includes National Insurance Contributions, were £1.7 billion higher than a year earlier. Debt costs were £500 million lower on the year at £9 billion.

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