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Financial News: UK Budget Deficit Widens In April

UK Budget Deficit Widens In April

05/23/2017 - 04:56:00 (RTTNews)

(RTTNews) - The UK budget deficit increased in April, data from the Office for National Statistics showed Tuesday.

Public sector net borrowing excluding public sector banks increased by GBP 1.2 billion from previous year to GBP 10.4 billion in April, this was the highest April borrowing since 2014.

The expected level of PSNB was GBP 8.8 billion.

Public sector net debt excluding interventions was GBP 1,722.4 billion at the end of April, equivalent to 86.0 percent of gross domestic product. Debt increased by GBP 114.1 billion from prior year.

ONS said public sector net borrowing decreased by GBP 23.4 billion to GBP 48.7 billion in the financial year ending March 2017. This was the lowest net borrowing since the financial year ending March 2008.

Central government net cash requirement was in surplus by GBP 16.2 billion in April 2017, largely due to the sale of GBP 11.8 billion of Bradford & Bingley loans to Prudential plc, the ONS said.

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