UK Budget Deficit Exceeds Estimate In August

RTTNews | il y a 847

(RTTNews) - The UK budget deficit exceeded the official estimate in August, despite a notable increase in tax revenue, as high inflation raised the debt servicing costs, data published by the Office for National Statistics revealed Wednesday.

Public sector net borrowing excluding public sector banks declined to GBP 11.8 billion from GBP 14.4 billion last year.

However, this was GBP 5.8 billion more than the GBP 6.0 billion forecast by the Office for Budget Responsibility and also GBP 6.5 billion more than in pre-coronavirus period. The level expected by economists was GBP 8.45 billion.

Data showed that central government debt interest payable grew GBP 1.5 billion to GBP 8.2 billion in August, the highest August figure since monthly records began in April 1997.

The increase in debt interest payable is largely due to the surge in inflation as interest payable on index-linked gilts rise in line with the Retail Prices Index.

At the same time, central government receipts increased by GBP 5.6 billion to GBP 69.6 billion. Of these receipts, tax revenue rose by GBP 3.9 billion to GBP 51.4 billion.

In the financial year to August, PSNB excluding banks was GBP 58.2 billion. This was GBP 21.4 billion less than in the same period last year but GBP 0.2 billion more than the OBR forecast.

At the end of August, public sector net debt excluding public sector banks increased to GBP 2,427.5 billion, or around 96.6 percent of gross domestic product.

Tags: GBP

UK Construction Activity Growth At 6-Month Low

The UK construction sector growth softened to a six-month low in December as elevated borrowing cost and fragile consumer sentiment weighed on new orders, survey data from S&P Global showed on Tuesday. The construction Purchasing Managers' Index registered 53.3 in December, up from 55.2 in November.

RTTNews | il y a 8

UK Halifax House Prices Fall For First Time In 9 Months

UK house prices dropped for the first time in nine months as the market lost some momentum towards the end of the year but house prices are expected to rise moderately this year, mortgage lender Halifax said Tuesday. House prices registered an unexpected monthly drop of 0.2 percent in December, in contrast to the 1.2 percent increase in November. This was the first decrease since March. Prices w

RTTNews | il y a 8

UK Mortgage Approvals Fall Unexpectedly, Consumer Credit Growth Weakest Since 2022

UK mortgage approvals declined unexpectedly to a three-month low in November and consumer credit growth weakened to the lowest in more than two years, vindicating the view that the economy likely stagnated at the end of the year. The number of approvals fell to 65,720 in November from 68,129 in the previous month, data from the Bank of England showed on Friday.

RTTNews | il y a 12

UK Nationwide House Price Growth Tops Expectations

UK house prices posted a faster-than-expected growth and ended 2024 on a strong footing, the Nationwide Building Society said Thursday. House prices grew 4.7 percent year-on-year in December, faster than the 3.7 percent increase in November and also stronger than economists' forecast of 3.8 percent gain.

RTTNews | il y a 13

UK Economy Flatlines In Q3

The UK economy stalled in the third quarter as the services sector posted nil growth and the moderate expansion in construction was offset by the fall in industrial production, the Office for National Statistics reported Monday. Real gross domestic product remained flat in the third quarter, which was revised down from the 0.1 percent rise estimated initially. This follows a 0.4 percent expansion.

RTTNews | il y a 23

UK Retail Sales Rise Less Than Forecast

UK retail sales grew for the first time in three months in November but the pace of expansion was weaker than expected as consumers were cautious in the wake of government's first budget. A closely watched survey showed that retailers reported a moderate fall in retail sales in December despite festive season and they forecast another decrease in January.

RTTNews | il y a 26

UK Car Manufacturers Report Worst Production For November Since 1980

UK car production posted its sharpest decline for the month of November since 1980 largely reflecting weaker global demand, data published by the Society of Motor Manufacturers and Traders showed on Friday. Car production declined 30.1 percent on a yearly basis in November. This was the ninth consecutive decline.

RTTNews | il y a 26

Bank Of England Holds Key Rate Steady; More Members Sought Reduction

The Bank of England decided to leave its benchmark rate unchanged on Thursday as majority of policymakers called for a gradual approach to the withdrawal of policy restrictiveness amid acceleration in inflation and wage growth, while the divide in the rate-setting body widened. The Monetary Policy Committee, led by Governor Andrew Bailey, voted 6-3 to hold the bank rate at 4.75 percent.

RTTNews | il y a 27

EURUSD	1.03032	GBPUSD	1.22108	AUDUSD	0.6198
USDJPY	156.931	USDCAD	1.43508	USDCHF	0.91177