Mubasher: The UK’s public sector net borrowing, excluding public banks, fell by GBP 2 billion to GBP 5 billion in May, compared to the same month a year earlier, marking the lowest monthly level since May 2005.

Public sector net debt, excluding public banks, amounted to GBP 1,781.4 billion at the end of last month, equivalent to 85% of gross domestic product (GDP), registering a year-on-year increase of GBP 44.7 billion or 0.4% of GDP, according to the according to the Office for National Statistics’ (ONS) report on Thursday.

Meanwhile, public sector net debt, excluding public banks and Bank of England (BOE), was GBP 1,587.3 billion at the end of the fifth month of 2018, representing 75.8% of GDP, and down GBP 16.9 billion from the same month last year.

UK’s public sector net borrowing, excluding public banks, fell in the fiscal year (FY) ended March 2018 from a year ago, data released on Thursday showed.

Between April 2017 and March 2018, UK public sector net borrowing totalled GBP 39.5 billion ($51.78 billion), dropping by GBP 6.2 billion ($8.13 billion) from the prior-year period, recording the lowest net borrowing since the FY ended March 2007, according to ONS.

This came 5.7 billion lower than the official expectations by the Office for Budget Responsibility (OBR).

Central government net cash requirement rose by GBP 6.7 billion between April and May, the ONS concluded.

By 9:01 am, the GBP/USD shed 0.47% to $1.3110, while EUR/GBP inched up 0.02% to GBP 0.8787.