2018/19 Borrowing Revised Lower On Reduced..>

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

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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 

2018.