UK public sector net borrowing turns to surplus in July
Public sector net borrowing excluding public sector banks was in GBP 0.2 billion surplus, which was the first July surplus since 2002. In July 2016, borrowing was GBP 0.3 billion.
PSNB increased by GBP 1.9 billion from previous year to GBP 22.8 billion in the current financial year-to-date.
The Office for Budget Responsibility forecast that PSNB excluding public sector banks will be GBP 58.3 billion during the financial year ending March 2018.
At the end of July, public sector net debt was GBP 1,758.3 billion, equivalent to 87.5% of gross domestic product. ■