BULLET: UK Data: Lowest Sep Borrowing In 11 Yrs; YTD Down To.>

UK Data: Lowest Sep Borrowing In 11 Yrs; YTD Down Sharply To 16-Yr Low

-UK September PSNBX Stg4.123bn Vs Stg4.958bn September 17  

-UK September Debt Ex-BOE 75.3% of GDP Versus 79.5% in September 2017 

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Borrowing (PSNBX) in September fell to stg4.123, stg0.835 bn less 

than in Sep 17, the lowest September outturn since 2007. VAT (up 4.5% 

y/y), income tax (+4.1% y/y) and national insurance contributions (+3.2% 

y/y) were responsible for much of the annual growth in receipts. 

Offsetting this was higher spending by government departments on goods 

and services and net social benefits. Interest payments on debt were 

lower over the same period, due to a softening in RPI. Net debt ex-BOE 

as a percentage of GDP fell to 75.3% in September, from 79.5% this time 

last year, but has ticked up in the previous two months. YTD, borrowing 

came in stg10.7 bn less than last year, maintaining a 16-year low 

recorded in August.