Investing.com - Public sector net borrowing in the U.K. declined more-than-expected in January, swinging to the widest surplus since January 2008, official data showed on Tuesday.
In a report, the U.K. National Statistics Office said that public sector net borrowing, or the difference in value between public spending and income swung to a surplus of GBP10.7 billion in January, compared to a deficit of GBP11.1 billion in December, whose figure was revised from GBP10.8 billion.
Analysts had expected U.K. public sector net borrowing to swing to a surplus of GBP9.1 billion in January.
The report showed net borrowing excluding the temporary effects of financial interventions swung to a surplus of GBP7.8 billion, from a deficit of GBP14.0 billion in December.
Net debt excluding the temporary effects of financial interventions was GBP988.7 billion, equivalent to 63.0% of GDP.
Following the release of that data, the pound was fractionally higher against the U.S. dollar, with GBP/USD easing up 0.05% to trade at 1.5858.
Meanwhile, European stock markets were mixed. London’s FTSE 100 declined 0.2%, the EURO STOXX 50 ease down 0.05%, France’s CAC 40 dipped 0.1%, while Germany's DAX edged up 0.1%.
In a report, the U.K. National Statistics Office said that public sector net borrowing, or the difference in value between public spending and income swung to a surplus of GBP10.7 billion in January, compared to a deficit of GBP11.1 billion in December, whose figure was revised from GBP10.8 billion.
Analysts had expected U.K. public sector net borrowing to swing to a surplus of GBP9.1 billion in January.
The report showed net borrowing excluding the temporary effects of financial interventions swung to a surplus of GBP7.8 billion, from a deficit of GBP14.0 billion in December.
Net debt excluding the temporary effects of financial interventions was GBP988.7 billion, equivalent to 63.0% of GDP.
Following the release of that data, the pound was fractionally higher against the U.S. dollar, with GBP/USD easing up 0.05% to trade at 1.5858.
Meanwhile, European stock markets were mixed. London’s FTSE 100 declined 0.2%, the EURO STOXX 50 ease down 0.05%, France’s CAC 40 dipped 0.1%, while Germany's DAX edged up 0.1%.