BULLET: UK Data: YTD Borrowing Lowest Since 2007; Lowest Nov.>

UK Data: YTD Borrowing Lowest Since 2007; Lowest Nov Since 2007  

-Nov PSNBX Stg8.694bn V Stg8.860bn Nov 2016; VAT Up, Corp Tax Down Again  

-UK November Net Debt Ex-BOE 76.7% of GDP Versus 80.2% in November 2016 

-Underlying Apr-Nov Borrowing Stg48.1bn Vs Stg51.3bn Apr-Nov 2016

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PSNBX came in stg0.176bn below its year-ago level in November, 

enough to take November 2017 net borrowing and year-to-date borrowing to 

their lowest levels since 2007. Net debt fell by stg65.5bn in Nov 

because of the reclassification of English housing association debt from 

the public to private sector. Consequently, net debt as a percentage of 

GDP (ex-BOE) fell to 76.7% -- the lowest since February 2013 -- from 

80.2% a year ago. Corporation tax receipts declined on a monthly y/y 

basis for the fifth consecutive month while VAT receipts rose 3.1%. 

Tobacco receipts came in at stg1.1bn, the highest ever November figure.