UK Public Sector Borrowing Declines in March, But Stays Within Historic Highs

Source: Office for National Statistics

Public sector net borrowing declined year-on-year in March but remained among historic highs. EWU is down 0.55%, while EZU is flat premarket.

• Public sector net borrowing excluding public sector banks (PSNB) was at £18.1 billion in March, £8.8 billion lower than in March last year.
• The latest reading is the second-highest March borrowing since records started in 1993.
• PSNB stood at £151.8 billion, half the £317.6 billion recorded in the same period in the previous year.
• The latest reading was the third-highest financial year borrowing since data collection started in the financial year ending March 1947.
• The public sector current budget deficit, excluding public sector banks fell to £89.5 billion or 3.8% of GDP, a third of the £245.8-billion deficit in the past year.
• Central government receipts for the period jumped by £105.3 billion to £830.0 billion, including £619.9 billion of tax receipts.
• The central government current expenditure dropped by £50.3 billion to £893.3 billion, reflecting the £67.4 billion decline in subsidies.