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UK Jul Borrowing 4th Highest on Record

UK DATA
MNI (London)
  • JUL PSNB-X GBP26,669BN VS -GBP1,584BN IN JUL 2019
  • JUL CGNCR GBP24,939BN VS -GBP10,359BN JUL 2019
  • JUL PSNCR GBP16,491BN VS -GBP14,426BN JUL 2019
  • JUL DEBT/GDP RATIO EX-BOE 90.7% VS 72.0%% JUL 2019
  • JUL YTD BORROWING GBP150.5BN VS GBP22.1BN JUL 2019

Year-to-date borrowing rose to GBP150.5bn in Jul, which is GBP128.4bn higher than in Jul 2019 and the highest borrowing in any Apr to Jul period on record (began in 1993). Debt-to-GDP increased to 100.5%, which is 20.4% higher than a year ago and the highest level since the financial year ending Mar 1961. Borrowing excluding public sector banks registered at GBP 26.7bn in Jul which is GBP 28.3bn higher than in Jul 2019 and the fourth highest borrowing in any month on record. The ONS noted that borrowing estimates are subject to greater uncertainty than usual, leading to a downward revision of June's figures as previously estimated tax receipts and National Insurance contributions were stronger than expected.

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