–UK Jul PSNB-X Stg0.02bn Vs Stg3.498Bn In Jul 2010
–UK Jul PSNCR -Stg5.646bn Vs -Stg18.533Bn In Jul 2010
–UK Jul PSNB -Stg1.961bn Vs Stg1.350Bn In Jul 2010
–UK Jul CGNCR -Stg4.366bn Vs -Stg2.965bn In Jul 2010
LONDON (MNI) – UK public sector net borrowing shrunk in July
compared to a year ago, boosted by bank levy, value added tax receipts
and a sharp, likely temporary, improvement in local government
borrowing.
Local government borrowing came in stg2.1 billion better than a
year ago, seeing a surplus of stg1.1 billion this July compared with
borrowing of stg1 billion in July last year. National Statistics said,
however, that the improvement in local government finances was “probably
a temporary situation.”
Local government benefited from grants for services such as police
and fire and “they haven’t yet got round to spending those.”
Public sector net borrowing excluding financial interventions
shrunk to just stg0.02 billion in July compared with stg3.498 billion in
July last year, well below analysts’ median forecast for a stg2.5
billion outturn.
PSNB saw a surplus of stg1.961 billion compared with borrowing of
stg1.35 billion a year ago.
The central government net cash requirement saw a surplus of
stg4.366 billion in July, compared with a requirement of stg2.965
billion a year ago.
July is a strong month for corporate and self-assessment tax
receipts, making it typically the second best month for government
revenue in the fiscal year.
The new bank levy also raised stg660 million in the public accounts
– with the public finances factoring it in in advance.
–London bureau: 0044 20 7862 7491; email: drobinson@marketnews.com
[TOPICS: MT$$$$,M$B$$$,MABDS$]
