UK Oct Borrowing Sixth-Highest on Record

OCT PSNB-X GBP 22,318BN VS GBP 11,533BN IN OCT 2019

OCT CGNCR GBP 14,480BN VS GBP 0,176BN OCT 2019

OCT PSNCR GBP 19,786BN VS GBP 0,238BN OCT 2019

OCT DEBT/GDP RATIO EX-BOE 89.5% VS 73.4%

OCT YTD BORROWING GBP 214.9BN VS GBP 45.8BN OCT 2019

UK year-to-date borrowing rose to GBP 214.9bn in Oct, which is GBP 169.1bn higher than in the same period a year ago and the highest borrowing in any Apr to Oct since records began in 1993. YTD borrowing was revised down by GBP15.9bn for Sep. Debt-to-GDP registered at 100.8% in Oct and ratios in recent recorded the highest levels since the 1960s. Borrowing was estimated at GBP 22.3bn in Oct which is GBP10.8bn more than in the previous year and the highest Oct borrowing on record. Government tax receipts were GBP 2.7bn less than in Oct 2019 and registered at GBP 39.7bn in Oct 2020. On day-to-day activities the government spent GBP 71.3bn in Oct which is GBP6.4bn higher than a year ago due to expenses for the CJRS and the SEISS payments. The ONS noted that central gov tax and national insurance receipts in the seven months to Oct dropped by 9.7% compared to Oct 2019, while gov support for individuals and businesses during the pandemic led to an increase of 28.5% in day-to-day spending.