MNI DATA BRIEF: April UK Borrowing Up On March, But Down Y/Y

UK public sector borrowing jumped to GBP31.696 billion in April, slightly above expectations, and well above the downwardly-revised GBP26.264 billion in March (originally reported at GBP28.005 billion), the Office for National Statistics said Tuesday. That's the second highest April on record, but well below the GBP47.315 billion borrowed in April 2020 -- which was the first full month of post-lockdown data.

VAT receipts rose by 8.8% over the same period a year earlier, while income and capital gains taxes jumped by 31.1% and corporation tax inched higher by 0.3%. Current government expenditure declined by 15.6% over the same period of 2020 to GBP83.9 billion. Net debt increased to 98.5% of GDP from 97.4% in April. CGNCR (excluding NRAM, B&B and Network Rail) increased to GBP30.495 billion from GBP20.752 billion in March, but remained well below the GBP63.832 billion in April of 2020.