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RBI Looms Large


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PREVIEW: 10-Year JGB Supply Due


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10-Year Supply Eyed After A Tight Morning

By Jamie Satchi and Laurie Laird
     LONDON (MNI) - The following are the key points from the ONS' public sector
finances data published Friday by the Office for National Statistics.
     --The dramatic reduction in borrowing came to abrupt halt in August, as it
unexpectedly rose to Stg6.753 billion from Stg4.4345 billion.
     --August's deficit was stg2.408bn higher than its respective year-ago
measure. That's not only the first y/y borrowing overshoot since February this
year but the biggest since May 2012 (stg3.587bn) and follows a gentle decline in
the undershoot in recent months.
     --However, year-to-date borrowing remains 30.5% below 2017 levels, and well
on track to meet OBR forecasts, piling the pressure on the Treasury to loosen
the purse strings in the November budget.
     --The UK paid stg1.0bn to the EU in August, some stg0.6bn more than a year
ago but in line with the levels recorded in 2016. Last August, contributions
were unusually low due to an EU Budget surplus distributed to member states.
     --Corporate tax receipts have disappointed in 2018, although National
Statistics officials saw "no economic story" in the Stg300 billion fall in
     --Year to date, corporate tax receipts have matched the 2017 outturn of
Stg25 billion, the weakest growth since 2013, according to the ONS official.
--MNI London Bureau; +44 203-586-2226; email:
--MNI London Bureau; tel: +44 203-586-2225; email:
MNI London Bureau | +44 203-865-3812 |