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UK public net borrowing declines in March, YoY

UK public net borrowing declines in March, YoY

Mubasher: Preliminary estimates for the UK’s public sector net borrowing, excluding public banks, fell last month and in the fiscal year (FY) ended March from a year ago, data released on Tuesday showed.

Between April 2017 and March 2018, net borrowing fell by GBP 3.5 billion ($4.88 billion) to GBP 42.6 billion ($59.44 billion), registering the lowest figure since the FY ended March 2007, according to the Office for National Statistics (ONS).

This was GBP 2.6 billion below the Office for Budget Responsibility’s (OBR) expectations of GBP 45.2 billion.

For March, the UK’s public sector net borrowing, excluding public banks, is estimated to have decreased by GBP 800 million to register GBP 1.3 billion from a year ago, marking the lowest level for the month since March 2004.

Public sector net debt, excluding public banks, amounted to GBP 1,798.0 billion at the end of last month, equivalent to 86.3% of gross domestic product (GDP), registering a year-on-year increase of GBP 71.2 billion or 1% of GDP, the report by the ONS highlighted.

Meanwhile, public sector net debt, excluding public banks and Bank of England (BOE), was GBP 1,590.1 billion at the end of last month, representing 76.3% of GDP, and down GBP 17.9 billion from March last year.

Central government net cash requirement showed a year-on year decrease of GBP 27.5 billion to GBP 39.5 billion in the FY ended March, marking the lowest figure since the FY ended March 2008, the ONS concluded.

By 10:24 am GMT, the GBP/USD pair edged higher by 0.05% to 1.3947.