MNI DATA IMPACT: UK May Borrowing Up; Corp Tax Take Falls>

By Les Commons and Laurie Laird

     LONDON (MNI) - The dramatic improvement in the government's 

finances over the past six years appears to have come to an end at the 

start of 2019/20. 

     The following are the key points from UK Public Sector Finance data 

published Friday by the Office for National Statistics. 

     - Year-to-date borrowing has jumped by 17.8% over the first two 

months of the fiscal year, to Stg10.1 billion, the highest April-May 

total since 2017.

     - Corporate tax receipts, sluggish through the latter part of the 

last fiscal year, fell by 4.9% to Stg12.0 billion, the biggest May 

decline since 2013. 

     - However, other other tax receipts remain robust, with VAT 

payments increasing by 4.4% over May 2018 and income taxes up by 4.9%. 

     - 2018/19 borrowing was revised slightly higher to Stg24.0 billion 

from the previously reported Stg23.5 billion. 

     - May borrowing would have increased by Stg10.6 billion had 

student loans been included in the calculations, according to the ONS 

estimates. Those loans will appear in borrowing figures from September. 

-London bureau: 44 (0) 203 865 3812; email: ukeditorial@marketnews.com

[TOPICS: M$B$$$,MABDS$]