Mubasher TV
Contact Us Advertising   العربية

UK public borrowing reaches 1-yr low in February

UK public borrowing reaches 1-yr low in February

Mubasher: The UK’s public sector net borrowing, excluding public banks, came in at GBP 200 million in February, compared to GBP 1 billion in the same month a year earlier, marking the lowest level in two years.

Borrowing over the current financial year-to-date dropped GBP 23.1 billion, GBP 18 billion lower than the same period of the prior year, according to the Office for National Statistics’ (ONS) report.

Public sector net debt, excluding public banks, totalled GBP 1,785.6 billion at the end of last month, which was an equivalent to 82.2% of gross domestic product (GDP), registering a year-on-year increase of GBP 22.7 billion or a drop of 1.4% in the GDP.

At the end of February, net debt excluding the Bank of England (BOE), rose GBP 29.1 billion to GBP 1,599.6 billion, or a 0.9% decline of the GDP.

Central government net cash requirement declined by GBP 5.4 billion to GBP 13.5 billion in the current financial year to date, compared to the same period of the preceding year, the ONS stated.

By 9:46 am, the GBP/USD pair went down 0.18% to $1.3174, while EUR/GBP declined 0.09% to GBP 0.8656.