Mubasher: The UK’s public sector net borrowing, excluding public banks, fell by GBP 5.4 billion ($7.03 billion) to GBP 16.8 billion ($21.9 billion) in the second quarter of 2018, compared to the same quarter a year earlier, marking the lowest monthly level since 2007.

Public sector net debt, excluding public banks, reached GBP 1,792.3 billion at the end of last month, equivalent to 85.2% of gross domestic product (GDP), recording a year-on-year increase of GBP 33 billion or 0.4% of GDP, according to the according to the Office for National Statistics’ (ONS) report on Friday.

Meanwhile, public sector net debt, excluding public banks and Bank of England (BOE), was GBP 1,600.6 billion at the end of the sixth month of 2018, accounting for 76.1% of GDP, and declining GBP 23.7 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, the data showed.

Between April 2017 and March 2018, UK public sector net borrowing totalled GBP 39.4 billion ($51.3 billion), dropping by GBP 6.3 billion ($8.2 billion) from the prior-year period, recording the lowest net borrowing since the FY ended March 2007, according to ONS.

This came 5.8 billion lower than the official expectations by the Office for Budget Responsibility (OBR).

Central government net cash requirement rose by GBP 1.9 billion to GBP 14.1 billion between April and June 2018, compared to the same period of 2017, the ONS concluded.

By 8:49 am, the GBP/USD inched up 0.02% to $1.3014, while EUR/GBP went up 0.05% to GBP 0.8950.