UK DATA: Oct PSNB-X Stg6.498bn vs Stg7.171bn in Oct..

UK DATA: Oct PSNB-X Stg6.498bn vs Stg7.171bn in Oct 2010
–Oct Current Budget-X -Stg4.472bn vs -Stg4.745bn in Oct 2010
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Public Sector Net Borrowing fell by a little more than expected in
October, leaving the Chancellor, George Osborne, more likely to hit
borrowing forecasts for the current fiscal year. Figures from National
Statistics showed PSNB-X fell to Stg6.498 billion in October, from
Stg7.171 billion in the same month a year earlier. This leaves borrowing
down 13.2% for the year to date, better than the Office for Budget
Responsibility’s March forecast for a decline of 11% over the full year.
Analysts had forecast borrowing to ease to Stg6.8 billion in October.
While Osborne may meet this year’s borrowing forecasts, downward
revisions to growth over the coming years means he is likely to revise
upwards forecasts for borrowing in later years when he presents the
Autumn Statement next Tuesday.