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LONDON (MNI)
UK government borrowing for the latest fiscal year was revised downward for the second straight month, to GBP299.171 billion, pushing borrowing further below the OBR's like-for-like target of GBP327.4 billion, the Office for National Statistics said Tuesday.
The adjusted target includes GBP27.2 billion in covid-related loan write offs not yet reflected in ONS figures, leaving the OBR with a headline target of GBP355 billion. That debt ratio was unchanged from from previous reports at 97.4% of GDP, although the debt ratio increased to 99.2% in the month of May. As a percentage of GDP, the 2020/21 deficit remained at 14.3%, unchanged from a month earlier.
MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
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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.
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