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UK Data: May Borrowing Down Vs May 2017; 2017/18 Borrowing Revised Lower    
-May PSNBX Stg4.966bn Vs Stg6.966bn May 17  
-UK May Debt Ex-BOE 75.8% of GDP Versus 78.9% in May 2017 
-UK 2017/18 Borrowing Revised Down to Stg39.451bn Vs Stg45.677bn 2016/17
May borrowing undershot its year-ago level, extending a trend 
highlighted by MNI which has run since the start of the 2017/18 fiscal 
year. That left cumulative borrowing at stg11.8bn after the first two 
months of the new fiscal year, the lowest YTD outturn in a decade. Also 
predicted by MNI, sizeable growth in VAT and and income tax receipts 
both materialised in May. VAT receipts rose 5.4% y/y, possibly linked to 
the bumper retail sales showing, while income tax receipts rose by 7.5% 
to stg12.5bn - a record for the month of May. Fiscal year borrowing over 
2017/18 was revised down further in May, to stg39.5b from the stg40.5b 
reported last month. 

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