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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessMNI 5 Things: First Signs of Weakness in UK Borrowing Picture
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
August.
--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: jamie.satchithanantham@marketnews.com
--MNI London Bureau; tel: +44 203-586-2225; email: les.commons@marketnews.com
[TOPICS: MABDS$,MAUDR$,MAUDS$,M$B$$$,M$E$$$,M$U$$$]
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Why MNI
MNI is the leading provider
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