UK DATA: Dec PSNB Stg15.305bn vs Stg14.339bn in Dec 09; median Stg18.1bn
–Dec PSNB ex financial interventions Stg16.76bn; median Stg20.6bn
–Dec Current Budget -Stg13.523bn vs -Stg12.82bn in Dec 2009
–Dec PSNCR Stg25.507bn vs Stg25.331bn in Dec 09; median Stg17bn
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Public Sector Net Borrowing ex financial sector interventions came in at
Stg16.8bn in December, below the median forecast of Stg20.6bn, and down
from Stg20.968bn in Dec 09. The current budget deficit rose a little to
Stg13.5bn from Stg12.82bn last year, the highest Dec on record. These
figures show a better picture than expected with the year to date PSNB
coming in at Stg118.4bn compared with Stg126.8bn for the same period in
the previous year. Still, tax receipts were up only 3.9% compared with a
5.2% rise in spending growth in the year to December, but overall these
figures show a marked improvement from last month’s bleak release.