UK Borrowing Up Again in Feb

FEB PSNB-X GBP 19,147BN VS GBP 1,562BN IN FEB 2020

FEB CGNCR GBP 6,434BN VS -GBP 2,460BN FEB 2020

FEB PSNCR GBP 14,162BN VS GBP 3,159BN FEB 2020

FEB DEBT/GDP RATIO EX-BOE 86.9% VS 75.3% FEB 2020

FEB YTD BORROWING GBP 278.8BN VS GBP 50.6BN FEB 2020

Borrowing (ex-banking groups) was estimated at GBP 19.15bn in Feb, which is GBP 17.6bn more than in Feb 2020 and the highest Feb borrowing on record. UK year-to-date borrowing rose GBP 278.8bn in Feb, GBP 228.3bn more than in the same period a year ago and the highest borrowing in Apr-Feb since records began in 1993. YTD borrowing was revised down to GBP 278.8bn in Jan. The OBR projects YTD borrowing to reach GBP 345.6bn by the end of Mar 2021 (note that the OBR forecast includes write-offs of business loans, the ONS figure doesn't yet).

Debt-to-GDP was 97.5% in Feb, maintaining a level not seen since the early 1960s. Central gov. tax receipts registered at GBP46.2bn in Feb, GBP 1.5bn less than a year ago, due to considerable declines in taxes such as VAT, business rates and fuel duty. Day-to-day central gov. spending was estimated at GBP 72.6bn in Feb, including GBP 3.9bn for the CJSS. CGNCR was again a record high in any Apr-Feb period at GBP 6.4bn, shifting the current financial year-to-Feb total to GBP 313.8bn.