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UK Aug Borrowing 3rd Highest for any month on record

UK DATA
MNI (London)
  • AUG PSNB-X GBP35,92BN VS GBP5,403 BN IN AUG 2019
  • AUG CGNCR GBP21,756BN VS GBP5,717BN AUG 2019
  • AUG PSNCR GBP25,653BN VS GBP6,109BN AUG 2019
  • AUG DEBT/GDP RATIO EX-BOE 90.9% VS 71.9%%
  • AUG YTD BORROWING GBP173.7BN VS GBP26.8BN AUG 2019
Year-to-date borrowing increased to GBP173.7bn in Aug, which is GBP146.9bn higher than Aug 2019 and the highest borrowing in any Aug since records began (1993) and around three times as much as in the whole financial year of 2019/20. Debt-to-GDP rose to 101.9%, its highest level since fiscal year ending Mar 1961. Borrowing recorded GBP35.9bn in Aug, which is GBP30.5bn more than in

in the previous year and the third highest level seen in any month on record (begin 1993). The government's tax receipts were estimated at GBP37.3bn in Aug which is less than a year ago due to VAT, corporation tax and income tax receipts falling significantly. CGNCR was GBP21.756bn in Aug, which is the highest cash requirement in any Aug since records began in 1984. The ONS noted that borrowing is subject to more uncertainty than usual and larger revisions are likely.

MNI London Bureau | +44 203-865-3814 | irene.prihoda@marketnews.com
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