Public Sector Net Borrowing increased by £0.5 billion

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Tuesday, Nov 21 2017

Public Sector Net Borrowing increased by £0.5 billion

Public sector net borrowing (excluding public sector banks) decreased by £4.1 billion to £38.5 billion in the current financial year-to-date (April 2017 to October 2017), compared with the same period in 2016; this is the lowest year-to-date net borrowing since 2007. Public sector net borrowing (excluding public sector banks) increased by £0.5 billion to £8.0 billion in October 2017, compared with October 2016. The Office for Budget Responsibility (OBR) forecast that public sector net borrowing (excluding public sector banks) will be £58.3 billion during the financial year ending March 2018, an increase of £12.5 billion on the outturn net borrowing in the financial year ending March 2017.

Public sector net debt (excluding public sector banks) was £1,790.4 billion at the end of October 2017, equivalent to 87.2% of gross domestic product (GDP), an increase of £147.8 billion (or 4.5 percentage points as a ratio of GDP) on October 2016. Public sector net debt (excluding both public sector banks and Bank of England) was £1,632.4 billion at the end of October 2017, equivalent to 79.6% of GDP, an increase of £46.1 billion (or a decrease of 0.2 percentage points as a ratio of GDP) on October 2016.

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