BULLET: UK Data: VAT, Income Tax Receipts Send YTD Borrowing.>

UK Data: VAT, Income Tax Receipts Send YTD Borrowing to 11-Year Low 

-UK June PSNBX Stg5.394bn Vs Stg6.239bn June 17  

-UK June Debt Ex-BOE 76.1% of GDP Versus 79.6% in June 2017 

-UK 2017/18 Borrowing Revised Down to Stg39.357bn Vs Stg45.686bn 2016/17

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June 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 stg16.8bn after the first three 

months of the new fiscal year, the lowest YTD outturn since 2017/08. 

Also predicted by MNI, sizeable growth in VAT and income tax receipts 

both materialised in June. VAT receipts rose 4.0% y/y to stg11.9bn, a 

record June showing, while income and capital gains tax receipts rose by 

2.1% to stg12.9bn. Government outlays were flattered by a retrospective 

adjustment to EU payments.