FOREX TradingCharts.com

Financial News: UK Budget Gap Widens On Debt Servicing

UK Budget Gap Widens On Debt Servicing

11/21/2017 - 07:29:00 (RTTNews)

(RTTNews) - The UK budget deficit increased in October due to higher debt costs linked to rising prices, the Office for National Statistics reported Tuesday.

Public sector net borrowing, excluding public sector banks, increased by GBP 0.5 billion from the previous year to GBP 8 billion in October. The deficit was forecast to narrow to GBP 7.1 billion.

Figures were published ahead of the annual budget announcement by Chancellor of the Exchequer Philip Hammond on Wednesday.

The government paid GBP 6 billion in debt interest in October as higher inflation lifted the cost of servicing. On the tax side, income tax income rose 6.9 percent and VAT receipts gained 2.3 percent, while corporation tax declined from the previous year.

Nonetheless, in the current financial year-to-date period, PSNB dropped by GBP 4.1 billion to GBP 38.5 billion. This was the lowest year-to-date net borrowing since 2007.

Hammond remains on track to meet the deficit target of GBP 58.3 billion for the financial year ending March 2018.

At the end of October 2017, public sector net debt was GBP 1,790.4 billion, equivalent to 87.2 percent of gross domestic product.

The expected downward revisions to the Office for Budget Responsibility's economic forecasts will probably mean that the Chancellor has no room for significant giveaways at tomorrow's Autumn Budget, Paul Hollingsworth, an economist at Capital Economics, said.

The economist said Wednesday's budget is likely to be generally cautious, incorporating a broadly neutral package of tax and spending changes.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2017 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


Japan M2 Money Stock Climbs 4.0% On Year In November (01 hr(s), 41 min(s), 17 sec(s) ago)
(RTTNews) - The M2 money stock in Japan was up 4.0 percent on year in November, the Bank of Japan ...Full Story»

New Zealand Credit Card Spending Jumps 1.4% In November (03 hr(s), 11 min(s), 17 sec(s) ago)
(RTTNews) - Overall credit card spending in New Zealand climbed a seasonally adjusted 1.4 percent ...Full Story»

Japan Machine Tool Orders Due On Monday (03 hr(s), 26 min(s), 17 sec(s) ago)
(RTTNews) - Japan will on Monday release preliminary November numbers for machine tool orders, hig ...Full Story»

New Zealand Credit Card Spending Rises 1.4% In November (03 hr(s), 41 min(s), 17 sec(s) ago)
(RTTNews) - verall credit card spending in New Zealand was up a seasonally adjusted 1.4 percent on ...Full Story»

BRAZIL: Ibovespa Rises, But Worries Remain About Pension Reform (12 hr(s), 47 min(s), 17 sec(s) ago)
(RTTNews) - Ibovespa, the benchmark stock index in Brazil, closed up 0.33% at 72,731.84 points Fri ...Full Story»

VALE: It Is Impossible To Know When Samarco Will Resume Activity, Says CEO (13 hr(s), 08 min(s), 17 sec(s) ago)
(RTTNews) - More than two years after the break of a Samarco dam in Brazil caused one of the worst ...Full Story»

China Consumer Inflation Slows More Than Forecast In November (16 hr(s), 38 min(s), 17 sec(s) ago)
(RTTNews) - China consumer inflation slowed more than forecast in November, driven by a decline in ...Full Story»

China Consumer Inflation Slows In November (17 hr(s), 59 min(s), 17 sec(s) ago)
(RTTNews) - China consumer inflation slowed more than forecast in November, the National Bureau of ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

Japan M2 Money Stock Climbs 4.0% On Year In November

12/10/2017 - 19:18 PM (RTTNews)
(RTTNews) - The M2 money stock in Japan was up 4.0 percent on year in November, the Bank of Japan ...Full Story>>

New Zealand Credit Card Spending Jumps 1.4% In November

12/10/2017 - 17:48 PM (RTTNews)
(RTTNews) - Overall credit card spending in New Zealand climbed a seasonally adjusted 1.4 percent ...Full Story>>

Japan Machine Tool Orders Due On Monday

12/10/2017 - 17:33 PM (RTTNews)
(RTTNews) - Japan will on Monday release preliminary November numbers for machine tool orders, hig ...Full Story>>

New Zealand Credit Card Spending Rises 1.4% In November

12/10/2017 - 17:18 PM (RTTNews)
(RTTNews) - verall credit card spending in New Zealand was up a seasonally adjusted 1.4 percent on ...Full Story>>

BRAZIL: Ibovespa Rises, But Worries Remain About Pension Reform

12/09/2017 - 08:12 AM (RTTNews)
(RTTNews) - Ibovespa, the benchmark stock index in Brazil, closed up 0.33% at 72,731.84 points Fri ...Full Story>>

Binary Options Articles Courtesy of NADEX

These pages, and all content ©TradingCharts.com Inc and other copyright holders. Permission is not granted to redistribute charts, data, news or other information found on this site, in any manner. Although it is believed that information provided is accurate, TradingCharts will not accept liability for any loss or damage that may arise from use of the content, inability to access the website, or delay or failure of receive of any information provided through this site.