• UK: public sector net borrowing excluding public sector banks rose sharply in October

Market news

21 November 2019

UK: public sector net borrowing excluding public sector banks rose sharply in October

According to the report from Office for National Statistics, borrowing (public sector net borrowing excluding public sector banks, PSNB ex) in October 2019 was £11.2 billion, £2.3 billion more than in October 2018; this is the highest October borrowing for five years (since October 2014).

Borrowing in the current financial year-to-date (April 2019 to October 2019) was £46.3 billion, £4.3 billion more than in the same period last year; this is the highest April-to-October borrowing for two years (since 2017), though April-to-October 2018 remains the lowest in such a period for 12 years (since 2007).

Debt (public sector net debt excluding public sector banks, PSND ex) at the end of October 2019 was £1,798.5 billion (or 80.4% of gross domestic product, GDP), an increase of £32.1 billion (or a decrease of 1.1 percentage points) on October 2018.

Debt at the end of October 2019 excluding the Bank of England (mainly quantitative easing) was £1,615.0 billion (or 72.2% of GDP); this is an increase of £42.8 billion (or a decrease of 0.3 percentage points) on October 2018.

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