UK Borrowing Highest For A December on Record

DEC PSNB-X GBP 34,109BN VS GBP 5,159BN IN DEC 2019

DEC CGNCR GBP 33,489BN VS GBP 15,665BN DEC 2019

DEC PSNCR GBP 40,644BN VS GBP 16,656BN DEC 2019

DEC DEBT/GDP RATIO EX-BOE 88.6% VS 76.0%

DEC YTD BORROWING GBP 270.8BN VS GBP 58.1BN DEC 2019

UK year-to-date borrowing rose to GBP 270.8bn in Dec, GBP 212.7bn higher than in the same period a year ago and the highest borrowing in any Apr to Dec since records began in 1993. YTD borrowing was revised down to GBP 236.7bn in Nov. Debt-to-GDP was 99.4% in Dec, which is the highest debt-to-GDP ratio since the fin year ending 1962. Borrowing (ex-banking groups) was estimated at GBP 34.1bn in Dec, which is GBP 28.2bn more than in the previous year and the highest Dec borrowing on record. Central government bodies spent GBP 26.1bn more in Dec 2020 compared to Dec 2019 with current expenditure rising to GBP 86.2bn for day-to-day activities. The increase was due to an additional GBP 10.0bn spent on the CJSS. Government tax receipts were GBP 1.4bn less than a year ago due to falls in taxes on production such as VAT and business rates. Tax receipts were estimated at GBP 43.6bn in Dec 2020. CGNCR was GBP 33.4bn in Dec, shifting the YTD total to GBP 318.1bn which is nearly double the highest cash requirement in any Apr to De period.