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.
e At Faster Pace In Jul: BRC
UK public sector borrowing declined to GBP10.353 billion in July, well below City analysts' expectation of GBP11.5 billion, from GBP21.468 billion in June. That's the lowest level since self-assessment tax receipts hit the exchequer in January and the second lowest since the pandemic fully hit the economy in April 2020.
Debt interest payments rose by 46.1% y/y to GBP3.4 billion, but remain well below the GBP8.7 billion paid out in May , as RPI rose by a 0.4 percentage points to 3.3% in May (the reference period for July payments), far short of the 1.4pp rise the previous month. VAT receipts rose by 10.8% over July 2020 to GBP12.5 billion but remain 6.5% below pre-pandemic levels. Corporate tax receipts decreased by 2.7% y/y to GBP4 billion and remain 15.7% below pre-pandemic levels.
Over the fiscal year to date, borrowing is down 44.1% to GBP78.0 billion. CGNCR, excluding exception items, declined to GBP1.794 billion in July, the lowest since January, from GBP19.160 billion in June and GBP25.471 billion in July 2020.
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.