Mubasher: The UK’s public sector net borrowing, excluding public banks, came in at GBP 5.7 billion ($7.24 billion) in April, declining by GBP 300 million from the same month a year earlier, recording the lowest April level since 2007.

Borrowing over the financial period between April 2018 and last March dropped by GBP18.3 billion to GBP 23.7 billion from the comparable period of the previous year, according to the Office for National Statistics’ (ONS) report.

This was the lowest amount borrowed since the financial year between April 2001 and March 2002, while it came above GBP 22.8 billion estimated by the Office of Budget Responsibility (OBR) in its March fiscal outlook.

Public sector net debt, excluding public banks, totalled GBP 1.797 trillion at the end of last month, which was an equivalent to 82.7% of gross domestic product (GDP), registering a year-on-year gain of GBP 20.5 billion or a fall of 1.6% in the GDP.

At the end of April, net debt excluding the Bank of England (BOE), rose GBP 26.9 billion to GBP 1.610 trillion, or a 1% decline of the GDP.

Central government net cash requirement declined by GBP 3 billion to GBP 35.6 billion in the current financial year to April, compared with the preceding year, the ONS stated.

By 8:49 am, the GBP/USD pair declined by 0.28% to $1.2670, while EUR/GBP rose by 0.28% to GBP 0.8810.