British public borrowing almost halved in the first eight months of the 2021/2022 financial year compared to the prior year.
- UK borrowing between April and November dropped to 136 billion pounds ($180B), a decrease of nearly 116 billion pounds in the same period last year.
- Bethany Beckett, an economist with Capital Economics, state that Tuesday’s figures seemed like old news as the Omicron variant made it possible for another tightening of the rules.
- Public sector net borrowing for November, excluding the state banks, stood at 17.4 billion pounds, beating an average forecast of 16 billion pounds by economists in a Reuter’s poll.
- Borrowing in October was downgraded to 12.4 billion pounds from an initially reported 18.9 billion pounds.
Tuesday’s figures showed that total government receipts increased by nearly 15% in the April-November period.
FTSE 100 up +0.97%, GBP USD up +0.32%Source: Office for National Statistics