UK public sector borrowing data now released 21 June

  • GBP 8.7bln prev revised down from 9.6bln
  • PSNB ex banking groups GBP 6.7bln vs 6.8bln exp vs 9.4bln prev rev down from 10.4bln
  • 79.8% of GDP
  • PSNCR GBP 13.4bln vs -15.2bln prev
  • central govt NCR GBP 10.5bln vs -15.3bln prev rev down from -15.2bln
  • vat receipts up to record monthly total of £11.2bln + 4.3% yy

Welcome reduction in govt borrowing but the devil in the detail as ever.

Says the ONS;

  • Public sector net borrowing (excluding public sector banks) decreased by £0.1 billion to £16.1 billion in the current financial year-to-date (April 2017 to May 2017), compared with the same period in 2016; this is the lowest year-to-date net borrowing since 2008.

  • The Office for Budget Responsibility (OBR) forecast that public sector net borrowing (excluding public sector banks) will be £58.3 billion during the financial year ending March 2018.

  • Public sector net borrowing (excluding public sector banks) decreased by £0.3 billion to £6.7 billion in May 2017, compared with May 2016; this is the lowest May borrowing since 2007.

  • Public sector net borrowing (excluding public sector banks) decreased by £25.6 billion to £46.6 billion in the financial year ending March 2017 (April 2016 to March 2017), compared with the financial year ending March 2016; this is the lowest net borrowing since the financial year ending March 2008.

Full release here

GBPUSD hanging in there at 1.2593