-UK May PSNB-X Stg17.943bn vs stg15.195bn in May 2011
LONDON (MNI) – The UK public finances are looking less healthy this
May than they were a year ago, with public sector net borrowing rising
and increasing more rapidly than analysts had forecast.
Public sector net borrowing excluding financial interventions
(PSNB-X) rose to Stg17.943 billion in May from Stg15.195 billion in May
2011, exceeding analysts’ expectations for an unchanged outturn. The
April PSNB-X data were flattered by the inclusion of the Royal Mail
pension fund but these May figures showing borrowing rising.
This was the largest PSNB-X outturn since March 2011.
Net debt rose in May to 65% of GDP from 61.3% in May last year. The
current budget deficit stood at -Stg14.46 billion, compared to
-Stg11.347 billion a year ago.
Public sector net borrowing rose to Stg15.58 billion from Stg12.326
billion in May 2011.
Receipts growth weakened, with income tax receipts down 1% in the
fiscal year to May on a year ago and corporation tax receipts down 8.2%
on the same basis, perhaps reflecting continued economic softness.
Total receipts were down 3.6% on a year ago, with total outlays
down 14.2%.
–London bureau: 0044 20 7862 7491; email: drobinson@marketnews.com
[TOPICS: M$B$$$,MABDS$]
