Sept Borrowing Up; Corporate Tax Down YTD...>

UK DATA: Sept Borrowing Up; Corporate Tax Down YTD

-UK Sept PSNB ex-BOE Stg9.386bn vs Stg8.803bn Sept 2018 

-UK September debt-to-GDP ratio ex BoE 72.2% vs 72.7% Sept 2018

-UK YTD borrowing +21.6% to Stg40.3bn; Set to Exceed OBR Target

-UK Sept CNGR Stg14.763bn vs Stg14.983bn Sept 2018

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Borrowing exceeded expecations in the month of September, despite a 

Stg500m decline in  interest payments linked to decreased outlays on 

index-linked government debt. Corporation tax displayed concerning signs 

of decline, falling by Stg300m in the fiscal year, the biggest fall in 

percentage terms since 2013/14. Government outlays in the "Other" 

category surged by 7.1% in September and by 5.4% in the financial year. 

Over the year to date, government spending on staff has increased by 

Stg3.5bn, while outlays on goods and services rose Stg7.4bn. 

National Statisticians could not say whether that extra spending is 

related to Brexit preparations.