Oct borrowing Hits 5-Year High; YTD up......>

UK DATA: Oct borrowing Hits 5-Year High; YTD up 10.3%

-UK Oct PSB-ex Stg11.206bn vs Stg8.891bn Oct 2018

-UK Oct debt-to-GDP ex-BOE ratio 72.2% vs 72.5% Oct 2018

-UK YTD borrowing +10.3% to Stg46.3bn, above unrevised FY forecast

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Borrowing surged last month to its highest October level since 2015, 

lifted largely by a hefty increase in fiscal outlays. Central government 

spending on staff jumped by just over Stg1bn y/y to its highest-ever 

level, while spending on goods increased by Stg1.1bn to the highest 

October on record. One National Statistics official could not comment on 

whether the rapid acceleration of spending is related to Brexit 

preparations. Corporate tax receipts continue to soften, in line with 

weak business investment, falling by 6.0% to Stg4.6 billion the biggest 

October y/y fall since 2015. Over the year to date, the corporate tax 

haul has declined by 2.1%, the most severe slump since 2011.