• Prior 7.055bn. Revised to 6.429bn
  • Ex- banks 14.065bn vs 15.000bn exp. Prior 7.706bn. Revised to 7.080bn
  • Ex-financials 14.9bn vs 4.4bn prior. Revised to 3.8bn
  • PSNCR 6.698bn vs -2.592bn prior. Revised to -2.775bn

Fining the naughty banks helped finances by 1.1bn and there was a nice little jump in tax receipts. Income tax rose 2.9% y/y vs 1.5% in Oct. Overall borrowing for this financial year so far (ex-banks) was down 0.6% on 2013.

With Osborne already saying that he’ll miss his budget deficit target for 2014/15, and has set the new one 6% higher, with numbers like this he still has his work cut out on the new target. Expect this area to come into play next year when the election bandwagon gets rolling.

UK PSNB details 19 12 2014

UK PSNB details 19 12 2014

UK PSNB 19 12 2014

UK PSNB 19 12 2014