MNI China Daily Summary: Friday, April 26

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Increase in gilt remit likely to be in the bottom half of expected range

GILTS
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  • CGNCR for the FY23/24 is GBP158.8bln (OBR forecast was GBP149.0bln). So we are GBP9.8bln higher than forecast for the fiscal year.
  • If you add on the overfund from gilts last year (GBP1.8bln) that reduces the shortfall in funding last year to GBP8.0bln.
  • Add on some uncertainty surrounding NS&I funding and it looks as though we are going to see an increase in the gilt remit in the bottom half of the GBP6-13bln range we had seen from the sellside ahead of this number,
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  • CGNCR for the FY23/24 is GBP158.8bln (OBR forecast was GBP149.0bln). So we are GBP9.8bln higher than forecast for the fiscal year.
  • If you add on the overfund from gilts last year (GBP1.8bln) that reduces the shortfall in funding last year to GBP8.0bln.
  • Add on some uncertainty surrounding NS&I funding and it looks as though we are going to see an increase in the gilt remit in the bottom half of the GBP6-13bln range we had seen from the sellside ahead of this number,