UK July PSNBR GBP -0.8bln vs +0.3bln exp

UK July govt borrowing data now out 22 Aug

• PSNBR ex banking groups GBP -0.2bln vs 1.0% bln exp vs 6.2bln prev, first July surplus since 2002
• receipts higher on self-assessment payments GBP 0.8bln July 2017 vs -0.3bln July 2016
• borrowing in financial YTD 22.8B; 1.9B higher than year-ago
• PSNB Ex fell 27.0B to 45.1B financial YTD vs March 2016; lowest since FY end March 2008
• CGNCR fell 25.5B to 4.4B in current financial YTD vs 2016
• corporate tax receipts see 2nd month of large fall
• highest growth in debt interest since July 2010

Good to see a surplus but seasonal too and corp tax receipts lower which is a concern. Higher growth in debt interest another downside from rising inflation.

Full report from the ONS here

GBPUSD 1.2856 from 1.2842 lows. EURGBP 0. 9157 from 0.9174 highs earlier.

German ZEW out next at the top of the hour.

UK PSNBR