23.01.201804:45:00UTC+00UK Budget Deficit Narrows In December

The UK budget deficit narrowed in December, data from the Office for National Statistics showed Tuesday.

Public sector net borrowing excluding banks decreased by GBP 2.5 billion from the previous year to GBP 2.6 billion, which was the lowest December net borrowing since 2000.

This decline was caused by a GBP 1.2 billion credit from the European Union.

During the current financial year-to-date period, PSNB excluding interventions fell by GBP 6.6 billion to GBP 50 billion. The Office for Budget Responsibility forecasts that PSNB will be GBP 49.9 billion for the financial year ending March 2018.

At the end of December, public sector net debt was GBP 1,759.5 billion equivalent to 85.4 percent of gross domestic product.