UK's net sum budget deficit down 29% on annual basis

Economy 3/21/2017, 11:45 AM
UK's net sum budget deficit down 29% on annual basis

The update of net borrowing figures of the public sector of Great Britain revealed a gap of £1.8 billion for last month, excluding banks. The report published on Tuesday by the Office for National Statistics showed the volume was 60.5% billion lower than one year before. The reading is the smallest for the month of February since 2007, when the last surplus was recorded. The revised data for January showed a surplus of £11 billion, the highest monthly result in at least 20 years. 

The net sum measure of budget deficit is £19.9 billion down on an annual basis for the current financial year, which started in April, at £47.8 billion. The tally is the lowest since the equivalent period through February 2008. When banks are included in the calculation, the net sum for last month alone was the same, £1.08 billion, while January's already record surplus was upwardly revised to £11.73 billion.

Net investment rose by 20.6% year on year and net borrowing sunk 29.4%, resulting in an increase of the public sector's net debt by 2.3 percentage points to 85.4% of gross domestic product, valued at £1.6997 trillion. 

Net cash requirements of the central government declined £0.9 billion on an annual scale in the current financial year, to £43.7 billion, the lowest level in nine years. In the public sector, the item was boosted by £18.8 billion to £64.5 billion, ONS said. The Office for Budget Responsibility sees full net borrowing sum in the twelve month period at £51.7 billion, £20.3 billion down year over year and £3.9 billion more than in the reading as of one month before the end of the financial year.

TeleTrader Newsroom / IT



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