Wednesday, August 21, 2019 - 04:37

MNI DATA IMPACT: UK Finances See July Surplus, YTD Borrowing Up

By Les Commons and Irene Prihoda

LONDON (MNI) - UK government finances received a modest boost in July, with a surplus of stg1.132 billion, although that was lower than the near stg3.6 billion surplus seen in July 2018.

The following are the key points from public sector finance data published Wednesday by the Office for National Statistics.

- Year-to-date borrowing stood at stg16.0 billion in July, up 60% on the stg10.0 billion YTD in July 2018. It was the biggest July YTD percentage gain since July 2009/10. July 2018 was the highest July surplus seen since 2002.

- Self-assessment tax revenues in July stood at stg9.4 billion, up from the stg9.1 billion seen in the same month last year.

- The latest full financial year, FY 18/19, was stg23.6 billion, stg18.2 billion less than in 17/18, but still stg0.8 billion above the Office for Budget Responsibility's forecast.

- Debt as a percentage of GDP excluding the Bank of England stood at 74.1% of GDP, down from 74.6% in July 2018 and from 74.8% seen in June this year. The fall from June was largely down to a Gilt redemption.

- CGNCR was stg12.5 billion in the year-to-date, stg12.2 billion higher than in the same period last year. Excluding UK Asset Resolution Ltd and Network Rail, CGNCR was 12.3 billion vs stg0.7 billion last year.

-London bureau: 44 (0) 203 865 3812; email:


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