Mubasher: The UK’s public sector net borrowing, excluding public banks, rose by GBP 3.8 billion to GBP 7.2 billion ($8.98 billion) in June, compared with the same month the year before.

Over the financial period between April and June, borrowing climbed by GBP 4.5 billion to GBP 17.9 billion, compared with the same period of the previous year, according to the Office for National Statistics’ (ONS) report.

Public sector net debt, excluding public banks, totalled GBP 1.818 trillion at the end of last June, which was an equivalent to 83.1% of gross domestic product (GDP), recording a year-on-year gain of GBP 27 billion or a drop of 1.5% in the GDP.

At the end of last month, net debt excluding the Bank of England (BOE), rose GBP 37.6 billion to GBP 1.636 trillion, or a 0.7% decline of the GDP.

Central government net cash requirement rose by GBP 8.6 billion to GBP 22.8 billion in the current financial year to June, compared with the preceding year, the ONS stated.

By 8:35 am, the GBP/USD pair dropped by 0.17% to $1.2528, while EUR/GBP pair ticked down by 0.05 to GBP 0.8984.