UK YTD Borrowing Down Almost 30% to 16-Year.>

UK DATA: UK YTD Borrowing Down Almost 30% to 16-Year Low 

-UK Nov PSNBX Stg7.209bn Vs Stg8.105bn Nov 2017   

-UK Nov Debt Ex-BOE 75.1% of GDP Vs 76.1% in Nov 2017 

-UK January Record Surplus Sends Borrowing Below OBR's Target  

-UK YTD Borrowing Stg21.2bn Vs Stg39.7bn 2017/18

-UK Jan borrowing -Stg14.895bn vs -Stg9.307bn in 2018

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The highest surplus since records began in January meant 

Year-to-date (YTD) net borrowing came in a stg21.2 bn, signifcantly 

below the OBR's target of stg25.5bn. YTD borrowing declined by a 

staggering 46.6%. Driving this was record tax receipts in 

self-assessment taxes and capital gains taxes amounting to stg1.9bn and 

stg1.2bn respectively. Over the past two years the January and February 

surplus has averaged stg8.4bn each month. Thus, January's PSNB-EX 

surplus of stg14.895 is a welcomed sign for Chancellor Hammond.