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(H2) Remains Below Recent Highs


(H2) Continues to Fade

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UK DATA: 2018/19 Borrowing Revised Lower On Reduced Government Spending
-UK 2018/19 Borrowing -43.7% y/y to Stg23.5bn, vs Stg24.7 initially
-UK April borrowing Stg5.831bn from Stg5.864bn a year earlier
Full-year borrowing was revised lower by more than Stg1bn in the 
2018/19 fiscal year, largely on new estimates of government spending. 
Receipts increased by Stg0.2bn in the fiscal year, while expenditure 
declined by 0.4bn when compared with the estimate provided last month.  
The revision may increase the pressure on Chancellor Philip Hammond to 
loosen the purse strings. Debt as a percentage of GDP fell to 74.6% in 
the fiscal year, down from 75.6% in 2017/18, in line with the initial 
estimate. However, the dramatic reduction in borrowing may be slowing, 
with April's outturn little changed from the same month of 2018. CGNCR 
hit -6.963 billion in April, compared to -6.083bn in the same month of 
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