UK June public sector net borrowing £6.5 billion vs £3.3 billion expected

Latest data released by ONS - 19 July 2019

• Prior £4.5 billion; revised to £3.8 billion
• PSNB (ex banks) £7.2 billion vs £3.9 billion expected
• Prior £5.1 billion; revised to £4.5 billion
• PSNCR £15.2 billion vs £10.7 billion prior

Looking at the details, the budget deficit increased on the back of higher debt interest due to higher inflation-linked bond repayments and government departmental spending, offset slightly by only a small rise in tax receipts. Excluding banks, public finances recorded its highest June borrowing since 2015 at £7.2 billion.

Not a data point that is of much focus for the pound at the moment given that all the talk is on Brexit and political uncertainty. Cable trades lower at 1.2530 but off lows of 1.2515 posted at the start of the session.