RTTNews - U.K.'s public sector net borrowing was GBP 8 billion in July, up GBP13.2 billion from the previous year, the Office for National Statistics said Thursday. Last year, there was a net lending of GBP 5.2 billion. In June this year, net borrowing was GBP 13.4 billion.
The public sector net cash requirement was GBP 0.2 billion, a GBP 14.7 billion higher net cash requirement than in July of last year, when there was repayment of GBP 14.5 billion. In June 2009, cash requirement was much higher, GBP 19.4 billion.
At the end of July 2009 public sector net debt was GBP 800.8 billion, which is equivalent to 56.8% of U.K. GDP. This compares to GBP 627.2 billion or 43.5% of GDP as at the end of July 2008.
The public sector current budget was in deficit by GBP 5.1 billion, a GBP 13 billion higher deficit than in July 2008, when there was a surplus of GBP 7.8 billion.
Public sector net debt, which excludes financial sector intervention, was GBP 658.1 billion, 46.6% of GDP.
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