UK DATA: Nov PSNB-X Stg18.093bn vs Stg20.36bn in Nov 2010
PSNB-X fell to Stg18.093 billion in November from Stg20.36 billion
in the same month a year earlier, a little better than the median
forecast for a slightly higher deficit of Stg19.7 billion. There was
though a Stg1.9bn up revision to Apr-Oct, although this leaves the year
to date figures broadly in line with analysts’ expectations. From April
to November, PSNB-X came in at Stg88.3 billion, down from Stg98.7
billion in 2010/11 and broadly in line with latest forecasts from the
Office for Budget Responsibility. Receipts growth proved surprisingly
strong in November, rising 7.1% on the year and outstripping spending
which was up just 0.8%. For the year to date receipts growth was up 4.8%
while spending was up just 1.9%.