Mubasher: The UK’s public sector net borrowing, excluding public banks, rose by GBP 1 billion to GBP 5.1 billion ($6.47 billion) in May, compared with the same month the year before.

For the first two months of the 2019/20 financial year, borrowing climbed by GBP 1.8 billion to GBP 11.9 billion, compared with the same period of the preceding year, according to the Office for National Statistics’ (ONS) report.

This was the lowest year-to-date amount borrowed since the period between April 2007 and May 2007, 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 1.806 trillion at the end of last month, which was an equivalent to 82.9% of gross domestic product (GDP), registering a year-on-year gain of GBP 25 billion or a fall of 1.4% in the GDP.

At the end of May, net debt excluding the Bank of England (BOE), rose GBP 35.1 billion to GBP 1.622 trillion, or a 0.7% decline of the GDP.

Central government net cash requirement rose by GBP 8 billion to GBP 9.2 billion in the current financial year to May, compared with the previous year, the ONS stated.

By 9:09 am, the GBP/USD pair declined by 0.20% to $1.2676, while EUR/GBP rose by 0.30 to GBP 0.8917.