MNI: May Borrowing remains at record levels; April...>

MNI: May Borrowing remains at record levels; April revised down

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- MAY PSNB-X GBP55.224BN VS GBP5.668BN IN MAY 2019

- MAY CGNCR GBP65.784BN VS GBP16.207BN MAY 2019

- MAY PSNCR GBP71.436BN VS GBP10.473BN MAY 2019

- MAY DEBT/GDP RATIO EX-BOE 90.8% VS 72.1% MAY 2019

- MAY YTD BORROWING GBP103.7BN VS GBP16.7BN MAY 2019

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Year-to-date borrowing rose to GBP 103.7bn in May, its highest April to May

borrowing on record, while debt to GDP (incl. BOE) jumped above 100% for the

first time since the fiscal year ending Mar 1963. Borrowing increased to GBP

55.2bn in May, roughly 9 times more than a year ago and the highest borrowing in

any month on record (began in 1993). April borrowing was revised down due to

stronger tax receipts and national security contributions than originally

projected. Moreover, CGNCR recorded the highest cash requirement in any Apr to

May period, GBP 119.4bn more than in the same period last year.