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Free AccessMNI DATA ANALYSIS: Nov Borrowing Down; YTD Borrowing 16-Year Low>
-UK Nov borrowing Stg7.209bn vs Stg8.105bn Nov 2017
By Laurie Laird, Jamie Satchi and Jai Lakhani
London (MNI) - UK public borrowing fell in November courtesy of a
sharp increase in income and value-added taxes, leaving year-to-date
borrowing at its lowest level since 2002.
November borrowing, excluding public sector banks, fell to
Stg7.209 billion, slightly below analysts' forecast of Stg7.7 billion,
the lowest for the month of November since 2004, compared to Stg8.105
billion a year earlier.
Net debt fell to 75.1% of gross domestic product last month, from
76.1% in the same month of 2017.
Borrowing remains well below year-ago levels over the first eight
months of the fiscal year, recording an annual decline of 29.4% over
2017 to Stg32.8 billion. However, borrowing was running as much as 40%
below year-ago levels back in July. Nonetheless, year-to-date borrowing
stands at its lowest level since 2002, according to a National
Statistics official.
But borrowing has already exceeded the new target set by the Office
of Budget Responsibility for the full fiscal year, Stg25.5 billion. The
payment of self-assessment income tax receipts at the start of the
calendar year tends to leave the government with a sizable surplus.
The surplus has averaged Stg10.7 billion over the past two
Januarys, although borrowing has averaged Stg3.6 billion over the
previous two Decembers. The average implies a surplus of stg7.3bn over
the next two months, which would bring borrowing significantly closer to
the OBR's forecast.
Income and capital gains taxes jumped by 6.3% to Stg13.0 billion
last month, the highest November on record.
Value Added Tax receipts jumped 6.6% to Stg12.9 billion last month,
reflecting robust employment growth and a long-awaited upturn in real
wage growth. That's the highest for a November and the second-highest
month on record.
The central government net cash requirement fell to Stg8.346
billion in November, from Stg12.209 billion a year earlier.
-London bureau: 44 (0) 203 865 3812; email: ukeditorial@marketnews.com
[TOPICS: M$B$$$,MABDS$]
To read the full story
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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.