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U.K. private sector budget deficit increased to £6.6 billion

Friday, Mar 20 2015
U.K. private sector budget deficit increased to £6.6 billion in February. This was below market forecasts on £7.7 billion deficit. In February 2015, self-assessed income tax receipts were £4.2 billion; an increase of £1.8 billion compared with February 2014. The proportion of self-assessed income tax recorded in January and February can vary year-on-year and it is therefore advisable to consider data for the two months (January and February) together. With this in mind, the total self-assessment recorded in January and February 2015 was £15.0 billion; an increase of £1.9 billion on the same period in 2014. 
 
The public sector net debt has been revised upwards by £5.5 billion, from October 2014, as the result of a correction to previously published estimates which were erroneously double counting bank deposits held by the central government body, UK Asset Resolution Ltd. The double counting was identified as part of the quality assurance undertaken when compiling this month's bulletin.
 
Despite the figures, Sterling decreased and is currently being traded few points above 1.4730 area. Pair is likely to find support around 1.47 and resistance above 1.48 handle. There will be no major data releases in the rest of the session so we can expect steadier rest of the day.
More in this category: « Eurozone Current Account surplus at €29.4 billion Australian economy affected by the downtrend in mining industry »

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