UK Oct PSNBR data now out 21 Nov
- 4.4bln prev revised down from 5.3bln
- PSNBR ex banking groups GBP 8.0bln vs 7.1bln exp vs 5.0bln down from 5.9bln
- PSNCR GBP -3.8bln vs 11.4bln prev up from 11.3bln
- central govt NCR GBP -6.7bln vs 19.3bln
- debt interest payments rise by 1.2B, to 6.0B highest October on record
- large debt interest payments was due to RPI readjustment
- Corporation tax now in 4-month downtrend
- PSNB Ex-Banks 1790.4B at end of Oct 2017, equivalent to 87.2% of GDP
- VAT receipts a little below average
Jump in headline govt borrowing as we wait on Hammond's Budget and latest OBR forecasts tomorrow. Overall net borrowing down though in fin year to date ( April-Oct 2017).
GBPUSD lower at 1.3235 as is EURGBP though as yen demand prevails EURUSD lower to 1.1718 and USDJPY down to 112.43
- Public sector net borrowing (excluding public sector banks) decreased by £4.1 billion to £38.5 billion in the current financial year-to-date (April 2017 to October 2017), compared with the same period in 2016; this is the lowest year-to-date net borrowing since 2007.
- Public sector net borrowing (excluding public sector banks) increased by £0.5 billion to £8.0 billion in October 2017, compared with October 2016.
- The Office for Budget Responsibility (OBR) forecast that public sector net borrowing (excluding public sector banks) will be £58.3 billion during the financial year ending March 2018, an increase of £12.5 billion on the outturn net borrowing in the financial year ending March 2017.
- Public sector net debt (excluding public sector banks) was £1,790.4 billion at the end of October 2017, equivalent to 87.2% of gross domestic product (GDP), an increase of £147.8 billion (or 4.5 percentage points as a ratio of GDP) on October 2016.
Full report here
