UK DATA: Oct PSNB Stg9.77bn vs Stg9.391bn in Oct 09; median Stg9bn
–Oct PSNB ex financial interventions Stg10.347bn; median Stg9bn
–Oct PSNCR Stg2.431bn vs Stg6.688bn in Oct 09; median Stg7bn
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Public Sector Net Borrowing ex financial sector interventions hit the
highest level on record for an October, rising to Stg10.3bn from
Stg10.1bn in Oct 09, above the median for Stg9bn. The current budget
deficit stood at Stg7.1bn up from Stg6.9bn in the Oct 09. In Oct,
accrued receipts growth was 6.8% on the year, against spending growth of
5.4%. For the year to date, net borrowing stood at Stg81.6bn down from
Stg87.5bn, at least showing some progress is being made in reducing the
shortfall. The PSNCR fell to Stg2.431 billion, below the median of Stg7
billion. Overall the figures may be a little worse than expected and
while overall the picture is bleak, at least the deficit is down on a
year earlier.