–Oct PSNB Stg9.77bn vs Stg9.391bn in Oct 09; median Stg9bn
–Oct PSNB ex financial interventions Stg10.347bn; median Stg9bn
–Oct PSNCR Stg2.431bn vs Stg6.688bn in Oct 09; median Stg7bn
LONDON (MNI) – Public Sector Net Borrowing hit its highest level on
record in October, exceeding forecasts from City economists, figures
released by National Statistics Thursday showed.
Excluding financial sector interventions PSNB rose to Stg10.347
billion in October from Stg10.141 billion in October 2009, above the
median forecast of Stg9 billion and the highest outturn for an October
on record.
Including interventions PSNB rose to Stg9.77 billion from
Stg9.391billion, also the highest for an October on record.
The Treasury has put the focus firmly on the excluding financial
sector interventions measure as it believes the fluctuations in the
value of the stakes it took in the banking sector distort the underlying
picture of the public finances.
On an accrued basis, current spending growth rose 5.4% in the year
to October, while receipts growth was up 6.8%.
The current budget excluding financial sector interventions posted
a deficit of Stg7.133 billion in October, up from a deficit of Stg6.921
billion in October 2009, also a record for an October.
The Public Sector New Cash Requirement fell to Stg2.431 billion in
October, below the median forecast of Stg7 billion, and down from
Stg6.688 billion in the same month a year earlier.
–London bureau: email: drobinson@marketnews.com
[TOPICS: MT$$$$,M$B$$$,MABDS$]
