UK DATA: June PSNB-X Stg14.447bn vs Stg13.919bn in June 2011
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June public sector borrowing in the UK was up compared with last year,
and excluding the positive impact from the Royal Mail pension
transfer, the deterioration was far worse. PSNB-X stood at Stg14.447
billion in June, up from Stg13.919 billion in the same month a year
earlier, compared with the median of Stg13.2 billion. For the year to
date borrowing stood at Stg14.9 billion compared with Stg38.4 billion in
the same period in 2011/12. But the figures are flattered by the one-off
transfer of the Royal Mail pension plan in April. Excluding this effect
then for the year-to-date PSNB-X is actually up 11.7% on the year.
Receipts growth is still running below the Budget forecast, although
spending data showed expenditure below forecast.