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 public sector borrowing vastly exceeded expectations in February, hitting GBP13.112 billion, well above the GBP8.1 billion forecast by City economists and the Office for Budget Responsibility, data released Tuesday showed. The outcome is below the GBP15.479 billion recorded in February 2021.
Updated OBR forecasts are due on Wednesday, when Chancellor of the Exchequer Rishi Sunak delivers his spring statement.
As a percentage of GDP, debt rose to 94.7% of GDP from 94.4% a year earlier. Debt interest payments rose by GBP2.8 billion over the same month of 2021, to GBP8.2 billion, with GBP5.2 billion of that due to the rise in RPI, according to an ONS official. CGNR, excluding exceptional items fell to GBP1.553 billion from GBP6.363 billion in February of 2021. Over the year to date, borrowing fell to GBP138.4 billion from GBP290.9 billion a year earlier. The January repayment was revised sharply higher to GBP7.069 billion from GBP2.886 billion reported a month earlier, even though self-assessment receipts were revised down by GBP1.6 billion.
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.