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Public sector borrowing declined to GBP16.848 billion in December, falling short of the GBP18.5 forecast by City analysts, and down from GBP24.402 billion in year earlier, the Office for National Statistics said Tuesday. An unexpected surge in corporate tax payments kept borrowing in check, with corporates returning GBP5.5 billion to the Treasury, the highest for any month on record, despite the super-deduction in corporation tax announced in the April budget.

Corporate tax was revised higher by GBP1.7 billion in both October and November, according to an ONS official. That reduced November borrowing to GBP14.743 billion from the initially-reported GBP17.384 billion.

Debt interest payments rose to GBP8.1 billion, the second highest on record, reflecting the 1.1 percentage point rise in the RPI between September and October. Over the year to date, borrowing hit to GBP146.8 billion, nearly GBP13 billion below the OBR April-December forecast of GBP159.7 billion. CGNR excluding exceptional items rose to GBP16.346 billion from GBP13.061 billion in November andGBP33.438 billion a year earlier.

Source: ONS

MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
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MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
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