Why MNI
MNI is the leading provider
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.
UK borrowing surged to GBP20.514 billion in August, far exceeding analysts' forecasts of a jump to GBP15.6 billion as rising inflation lifted government borrowing costs. Debt interest payments rose to GBP6.3 billion, the highest August on record, from an upwardly-revised GBP3.7 billion in July, as RPI rose by 0.6 percentage points between May and June. That's less than the record-high GBP8.7 billion paid out in June, but interest payments will continue to lift borrowing in the months to come, as inflation continues to rise.
VAT receipts rose by 5.0% in the year to August, below the upwardly-revised 18.6% surge in July, leaving VAT 5.6% below August 2019 levels. VAT may have been depressed by the relaxation of levies on eating out through the Eat Out to Help Out Scheme. July borrowing was revised sharply downward to GBP6.940 billion from the initially-reported GBP10.33 Bln.
The overall debt-to-GDP level stood at 97.6%, revised lower as overall borrowing levels were revised lower and growth continues to recover.
UK debt-to-GDP levels
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Why MNI
MNI is the leading provider
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.