2018/19 Borrowing Lowest Since 2001/02,.....>

UK DATA: 2018/19 Borrowing Lowest Since 2001/02, Providing Fiscal Space

-UK 2018/19 borrowing -41.0% to Stg24.7bn

-UK 2018/19 borrowing exceeds OBR target of Stg22.8 billion

-UK 2018/19 borrowing 74.6% of GDP, lowest since 2010/11, vs 75.6% 17/18

-UK March borrowing Stg1.704 billion vs Stg795 million in March 2018

-----------------------------------------------------------------------

Public sector borrowing fell to its lowest level in 17 years, providing 

the Treasury with fiscal headroom in the event of an economic slowdown. 

A 5.6% jump in VAT receipts -- the biggest increase since the 2011/12 

fiscal year, lifted government revenues, reflecting resilient consumer 

spending. Income and capital gains taxes leapt by 7.0%, the largest rise 

since 2007/08.  However, corporation tax revenues rose by just 4.0% over 

the fiscal year, the smallest rise since 2015/16, raising further 

questions about business confidence amidst Brexit uncertainty. 

Chancellor Philip Hammond will appear before the TSC from 0830 GMT.