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UK: Pace of fiscal consolidation behind the government’s forecasts – ANZ

FXStreet (Delhi) – Research Team at ANZ, note that the UK public sector net borrowing (excluding banks) was lower than expected in September, falling to GBP9.4bn (mkt: GBP10.1bn) from a downwardly revised GBP11.6bn in August.

Key Quotes

“With the first six months of the fiscal year complete, government borrowing has been GBP7.5bn lower than at the same time last year. The improvement continues to be driven by a lift in government revenues, with income tax receipts rising 4.1% y/y and corporation tax 12.7% y/y higher. Nonetheless, the pace of fiscal consolidation is continuing to track behind the Government’s forecasts.”

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