YTD Borrowing Tops FY OBR Forecast as Corp..>

UK DATA: YTD Borrowing Tops FY OBR Forecast as Corp Taxes Flag

-UK April-Nov borrowing +11.3% to Stg50.9bn 

-UK Nov borrowing Stg5.575bn vs Stg5.329bn Nov 2018

-UK Oct borrowing revised down Stg8.956bn from Stg11.206bn previously

-UK Corporate Tax down 2.7% YTD, biggest fall since 2012

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UK borrowing rose slightly in November, taking YTD borrowing above 

the OBR's revised 2019/20 forecast of Stg47.6bn. The OBR increased its 

target by Stg18.3bn last month, but was prevented from publishing the 

new estimate until after last week's general election. The updated 

target reflects only the addition of student loans to borrowing data, 

but no revised forecasts. Corporate tax receipts continue to disappoint, 

in line with softening business investment. Other government spending, 

which includes staff and purchases of goods and services, rose by 4.4% 

YTD, the biggest increase since 2009, suggesting outlays on Brexit 

preparations.