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Public Sector Net Borrowing at £12.5 billion

Thursday, Jan 22 2015
Public sector borrowing (the difference between spending and income) was £12.5 billion in December 2014, below expected balance of £9.2 billion. This additional borrowing needed to balance the public sector’s accounts means that between April and December 2014 the public sector borrowed £86.3 billion, a fall of £0.1 billion compared with the same period last year, as illustrated above. Between April and December 2014 central government’s income was £438.8 billion.
 
While strong year-on-year growth in VAT (up £3.2 billion to £92.9 billion), stamp duties (up £1.6 billion to £10.9 billion) and corporation tax (up £1.4 billion to £30.4 billion) have boosted government receipts, income tax receipts have been weaker than anticipated. In the first 9 months of the financial year income tax receipts were up £2.4 billion to £108.4 billion, compared to the same period last year. Over the same period, central government spent £516.8 billion.
 
Data did not have any significant impact on the markets with Sterling currently being traded few points above 1.5150 level. Pair is likely to find support around 1.5050 area and resistance above 1.5250 level. Later today, CBI Industrial Orders Expectations figures are scheduled for a release.
More in this category: « MI Inflation Expectations fell to 3.2% CBI Industrial Orders Expectations showed balance of +4% »

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