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Remit revision due at 7:30BST (1/2)

GILTS
  • Just a reminder that the public finance data is due for release at 7:00BST which will include the central government net cash requirement (CGNCR) outturn for the fiscal year 2020-21.
  • This will precede a financing remit update from the DMO at 7:30BST.
  • Note that the OBR has already said that CGNCR which is used directly in the remit calculation could "undershoot our March EFO forecast for 2020-21". The OBR's forecast is GBP369.7bln.
  • This would imply the Treasury cash balance is higher than expected at the end of March and hence unless the expectation is that has pulled forward revenue/delayed spending into FY21/22, the financing requirement for the new year will hence be lower.

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