19 Jul 2013
Flash: UK Public Finances softer – TD Securities
FXstreet.com (London) - Research teams at TD Securities noted that public finance data for June was slightly softer than expected with PSNBx coming in at £8.5bn (consensus £8.0bn).
Key Quotes:
“This number was flattered by a £3.9bn transfer from the BoE’s APF”.
“May’s number was revised up from £8.8bn to £11.0bn—although this too was expected and was due to a change in the treatment of the government’s Swiss tax deal”.
“Excluding all one off factors (Royal Mail transfers, APF transfers, financial interventions), public sector net borrowing for the first quarter of the 2013/14 fiscal year was exactly the same as in 2012/13 at £35.9bn”.
Key Quotes:
“This number was flattered by a £3.9bn transfer from the BoE’s APF”.
“May’s number was revised up from £8.8bn to £11.0bn—although this too was expected and was due to a change in the treatment of the government’s Swiss tax deal”.
“Excluding all one off factors (Royal Mail transfers, APF transfers, financial interventions), public sector net borrowing for the first quarter of the 2013/14 fiscal year was exactly the same as in 2012/13 at £35.9bn”.