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Financial News: UK Public Sector Net Borrowing Turns To Surplus

UK Public Sector Net Borrowing Turns To Surplus In July

08/22/2017 - 04:50:00 (RTTNews)

(RTTNews) - The UK public sector net borrowing was in surplus in July, the Office for National Statistics reported Tuesday.

Public sector net borrowing excluding public sector banks was in GBP 0.2 billion surplus, which was the first July surplus since 2002. In July 2016, borrowing was GBP 0.3 billion.

Economists had forecast borrowing to increase to GBP 1 billion in July.

PSNB increased by GBP 1.9 billion from previous year to GBP 22.8 billion in the current financial year-to-date.

The Office for Budget Responsibility forecast that PSNB excluding public sector banks will be GBP 58.3 billion during the financial year ending March 2018.

At the end of July, public sector net debt was GBP 1,758.3 billion, equivalent to 87.5 percent of gross domestic product.

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