UK DATA: Nov PSNB Stg22.774bn vs Stg16.719bn in Nov..

UK DATA: Nov PSNB Stg22.774bn vs Stg16.719bn in Nov 09; median Stg16.8bn
–Nov PSNB ex financial interventions Stg23.314bn; median Stg17bn
–Nov Current Budget -Stg19.948bn vs -Stg13.964bn in Nov 2009
–Nov PSNCR Stg16.8bn vs Stg14.782bn in Nov 09; median Stg13.2bn
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Public Sector Net Borrowing ex financial sector interventions and
the current budget hit the highest levels on record in November as
spending growth rose at its fastest pace since Feb this year.
Meanwhile, tax receipts weakened significantly with growth of just 3.1%
y/y the weakest since Dec 09 — partially due to significant VAT
repayments. Spending was boosted by EU contributions which added
Stg0.7bn and health and defense which added Stg0.9bn Stg0.4bn
respectively. Public sector debt as a % of GDP rose to 58%, the highest
since monthly records began in March 1993. These data are very
disappointing and show a significant deterioration in the deficit.