-June PSNB-X Stg14.447bn vs Stg13.919bn in June 2011
LONDON (MNI) – June public sector borrowing in the UK was up
compared with last year, and excluding the positive impact from the
Royal Mail pension transfer, the deterioration was far worse, figures
from National Statistics showed on Friday.
Public Sector Net Borrowing excluding financial sector
interventions stood at Stg14.447 billion in June, up from Stg13.919
billion in the same month a year earlier, compared with the median of
Stg13.2 billion.
For the year to date borrowing stood at Stg14.9 billion compared
with Stg38.4 billion in the same period in 2011/12. But the figures are
flattered by the one-off transfer of the Royal Mail pension plan in
April. Excluding this effect then for the year-to-date PSNB-X is
actually up 11.7% on the year.
Receipts growth picked up in June and were up 3.6% on the year on
an accrued basis. Still, growth of 2.5% for the financial year-to-date
remains below the Budget forecast of 4% for 2012/13.
Current spending, though, is running below forecast with spending
up 2.1% for the year-to-date, below the full year Budget forecast of
3.1%.
It is, though, early in the financial year and it is too early to
assume this pattern will last as the monthly data are erratic. National
Statistics said timing of local government grants was one factor that
may have pushed up borrowing in the first three months of the fiscal
year.
For 2011/2012, PSNB-X was revised down by Stg1.8 billion to
Stg125.711 billion, mainly due to methodological changes in how the
figures are calculated.
–London bureau: 0044 20 7862 7491; email: puglow@marketnews.com
[TOPICS: M$B$$$,MABDS$]
