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Financial News: UK Public Sector Net Borrowing Rises In February

UK Public Sector Net Borrowing Rises In February

03/21/2018 - 08:58:00 (RTTNews)

(RTTNews) - UK public sector net borrowing excluding state-owned banks grew in February, figures from the Office for National Statistics revealed on Wednesday.

The PSNB ex-banks rose by GBP 2.5 billion to GBP 1.3 billion from a year ago, when there was a surplus of GBP 1.2 billion. Economists had predicted GBP 1.8 billion borrowing for February.

Net borrowing for the April 2017 to February 2018 period decreased by GBP 2.5 billion to GBP 41.4 billion, which was the lowest year-to-date figure figure since February 2008.

Earlier this month, the Office for Budget Responsibility revised down the current financial year's deficit prediction to GBP 45.2 billion from GBP 49.9 billion predicted in November.

Public sector net debt excluding both public sector banks and Bank of England was GBP 1,570.6 billion at the end of February 2018, which is equivalent to 75.8 percent of GDP.

"We've reached a turning point in our economy, with debt forecast to start falling sustainably for the first time in 17 years," the HM Treasury said in a Twitter post.

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