First UK January Deficit in 10 Years

JAN PSNB-X GBP 8,750BN VS -GBP 9,640BN IN JAN 2020

JAN CGNCR -GBP 10,701BN VS -GBP 20,422BN JAN 2020

JAN PSNCR -GBP 19,526BN VS -GBP 17,275BN JAN 2020

JAN DEBT/GDP RATIO EX-BOE 87.3% VS 75.1%

JAN YTD BORROWING GBP 270.6BN VS GBP 48.6BN JAN 2020

UK year-to-date borrowing rose to GBP 270.6bn in Jan, GBP 222.0bn more than in the same period a year ago and the highest borrowing in any Apr to Jan since records began in 1993. YTD borrowing was revised down to GBP 261.8bn in Dec. Debt-to-GDP was 97.9% in Jan, slightly lower than in the previous month. Borrowing (ex-banking groups) was estimated at GBP 8.75bn in Jan, which is GBP 18.4bn more than in Jan 2020 and the first deficit in 10 years as tax receipts are usually higher in Jan. Central gov. tax receipts registered at GBP 63.2bn, which is lower than a year ago with significant falls in taxes on production such as VAT and business rates. Central gov bodies spent GBP 81.9bn in Jan on day-to-day activities, including GBP 5.1bn on the CJSS. CGNCR recorded a surplus of GBP 10.8bn in Jan, shifting the current financial year-to-Jan total to GBP 307.4bn which is almost double the highest cash requirement in any Apr-Jan period on record.