UK Public Sector Net Borrowing decreased by £6.6 billion

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Tuesday, Jan 23 2018

UK Public Sector Net Borrowing decreased by £6.6 billion

Public sector net borrowing (excluding public sector banks) decreased by £6.6 billion to £50.0 billion in the current financial year-to-date (April 2017 to December 2017), compared with the same period in 2016; this is the lowest year-to-date net borrowing since 2007. The Office for Budget Responsibility (OBR) forecasts that public sector net borrowing (excluding public sector banks) will be £49.9 billion during the financial year ending March 2018, an increase of £3.9 billion on the outturn net borrowing in the financial year ending March 2017.

Public sector net borrowing (excluding public sector banks) decreased by £2.5 billion to £2.6 billion in December 2017, compared with December 2016 helped in part by a £1.2 billion credit from the European Union; this is the lowest December net borrowing since 2000. Public sector net debt (excluding public sector banks) was £1,759.5 billion at the end of December 2017, equivalent to 85.4% of gross domestic product (GDP), an increase of £62.3 billion (or 0.7 percentage points as a ratio of GDP) on December 2016.

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