Latest data released by ONS - 20 July 2018
- Prior +£3.4 bn; revised to +£3.9 bn
- PSNB (ex-banks) +£5.4 bn vs +£5.0 bn expected
- Prior (ex-banks) +£5.0 bn; revised to +£4.7 bn
- Public finances (PSNCR) £13.3 bn vs +£4.5 bn prior
Looking at the details, this is the best start to the fiscal year for the UK since 2007 - before the GFC - as the budget deficit stood at £16.8 billion between April and June. In terms of the figures here, it's mostly in line with estimates with the ex-banks reading (taking out financial interventions) more or less within expectations.
That will continue to give Hammond some added confidence as he seeks to run a deficit lower than the £37.1 billion target for the full fiscal year. However, in terms of what this will do for the pound, it's basically a non-event.
