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BULLET: UK Data: October Extends Overshooting Trend On.......>

UK Data: October Extends Overshooting Trend On Swelling Expenditure   
-UK October PSNBX Stg8.820bn Vs Stg7.235bn October 17  
-UK October Debt Ex-BOE 75.0% of GDP Versus 79.0% in October 2017 
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Borrowing (PSNBX) in October rose to stg8.8bn, the highest October for 
three years and markedly above analysts' expectations of stg6.1bn. 
Whilst government receipts remained relatively steady, higher 
expenditure drove the rise in borrowing. Debt interest payments were up 
by stg0.8bn over the year, driven by hihger RPI, whilst central 
government spending on goods and services was up by stg1.0bn over the 
same period. Net social benefits also increased by stg0.8bn versus 
October 2017. This left year-to-date borrowing at stg26.7bn, the lowest 
since 2005. Income tax and VAT receipts continue to show strength, up by 
2.6% and 3.3% on the year respectively. Year-to-date, corporation tax 
receipts were up 4.2% in Oct - the lowest growth in five years.     

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