UK DATA: Jan CGNCR -Stg16.293 bn vs -Stg15.464 bn in Jan 2011
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Further analysis of the Public Finances data showed the CGNCR in
surplus to the tune of Stg16.293 billion in January, up from Stg15.464
billion in the same month a year earlier. The CGNCR is the key driver of
gilt issuance and the continued good performance points to overfunding
of the deficit.