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Financial News: UK November Budget Deficit Lowest Since 2007

UK November Budget Deficit Lowest Since 2007

12/21/2017 - 07:31:00 (RTTNews)

(RTTNews) - The UK budget balance showed its smallest November deficit in a decade, largely due to higher tax income.

Public sector net borrowing excluding public sector banks, decreased GBP 0.2 billion to GBP 8.7 billion in November, data from the Office for National Statistics showed Thursday.

This was the lowest November net borrowing since 2007. The expected level was GBP 9 billion.

As a result, the budget deficit for the April to November period decreased by GBP 3.1 billion to GBP 48.1 billion. This was also the lowest year-to-date net borrowing since 2007.

The Office for Budget Responsibility forecast that PSNB to reach GBP 49.9 billion during the financial year ending March 2018.

A continuation of the current trend would see borrowing undershoot the OBR's forecast by around GBP 7 billion, Ruth Gregory, an economist at Capital Economics, said.

However, the economist said if the OBR is too gloomy about the prospects for GDP growth, then borrowing should come down at a faster rate than it expects further ahead.

In November, tax revenues increased 5 percent from the previous year, and spending climbed 3.6 percent.

Public sector net debt, excluding public sector banks was GBP 1,734.8 billion at the end of November 2017, equivalent to 84.6 percent of gross domestic product.

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