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SCHATZ TECHS

(U1) Northbound

BOBL TECHS

(U1) Bullish Theme Dominates

BUND TECHS

(U1) Trend Conditions Remain Bullish

ASIA FX

Most Asia EM FX Higher As Greenback Retreats

GOLD

Struggling To Make A Decisive Move

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MAY PSNB-X GBP 24,339BN VS GBP 43,763BN IN MAY 2020

MAY CGNCR GBP 23,869BN VS GBP 63,063BN MAY 2020

MAY PSNCR GBP 21,710BN VS GBP 71,686BN MAY 2020

MAY DEBT/GDP RATIO EX-BOE 89.0% VS 81.3% MAY 2020

MAY YTD BORROWING GBP 53.4BN VS GBP 91.1BN MAY 2020

  • Public sector net borrowing was GBP 24.3bn in May, the second highest May borrowing on record, but GBP 19.4bn less than a year ago.
  • YTD borrowing registered at GBP 53.4bn which is GBP 37.7bn less than in a year ago.
  • UK year-to-date borrowing for the financial year 2020/21 was revised down by GBP1.1bn to GBP 299.2bn, but remains the highest borrowing on record. This is equivalent to 14.3% of GDP.
  • Central gov. receipts rose by GBP 7.5bn compared to the previous year to GBP 56.9bn in May, which includes GBP 41.4bn of tax receipts.
  • Central gov. bodies spent GBP 10.9bn less in May 2021 than in May 2020 at GBP 81.8bn
  • CGNCR was GBP 23.9bn in May, the second highest May cash requirement on record but GBP 39.2bn less than in May 2020.
  • Reduced cash receipts, extra need for funding for the Covid support schemes and a fall in GDP have pushed up public sector net debt as a ratio of GDP to 99.2% (ex public sector banks).