UK DATA: Aug Borrowing At Record High On Low Receipts
-Aug PSNB-X Stg14.41bn vs Stg14.365bn in Aug 2011
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Public sector net borrowing stood at a record level in August as
receipts growth continued to dissapoint, figures from National
Statistics showed Friday. While PSNB came in a little under the median
forecast, the underlying picture is one of weak revenue growth which
suggests Chancellor of the Exchequer will be forced to revise up his
full-year borrowing forecasts in the Autumn Statement later this year.
Public Sector Net Borrowing excluding financial sector interventions
stood at Stg14.41 billion in August, compared with Stg14.365 billion in
the same month a year earlier. This was the highest August borrowing on
record, albeit slightly under analysts’ expectation for a Stg15.5
billion figure.
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