–Feb PSNB-X Stg11.771Bn Vs Stg9.455Bn In Feb 2010
–Feb PSNCR Stg6.981Bn Vs -Stg4.577Bn In Feb 2010
LONDON (MNI) – UK public sector net borrowing came in stronger than
analysts’ expected in February but should still comfortably undershoot
the official forecast for fiscal year 2010-11, figures from National
Statistics showed Tuesday.
The February data release, the last before Wednesday’s unveiling of
the Office for Budget Responsibility’s new forecasts, suggests the
public finances will end up performing better in fiscal year 2010-11
than previously predicted.
Public sector net borrowing excluding financial interventions
(PSNB-X) came in at Stg11.771 billion in February, up from Stg9.455
billion in the same month a year ago and well above analysts’ forecasts
for a stg7.9 billion outturn. It was also the highest February outturn
since records began.
Cumulative PSNB-X stood at Stg123.5 billion in fiscal year through
to February. With only one month of the fiscal year to go this is Stg25
billion below the OBR’s forecast of stg148.5 billion for the full fiscal
year.
March is normally a heavy borrowing month, with the PSNB rising
Stg19.8 billion in March 2010. A similar outturn this time around would
imply around a Stg5 billion undershoot of the OBR’s forecast.
–London bureau: 0044 20 7862 7491; email: drobinson@marketnews.com
[TOPICS: MT$$$$,M$B$$$,MABDS$]
