September 2017 UK Public sector finances report 20 September 2017

  • Prior 5.093bn. Revised to 4.140bn
  • Ex-banks 5.902bn vs 6.5000bn exp. Prior 5.669bn. Revised to 4.176bn
  • PSNCR 11.205bn vs 0.037bn prior. Revised to 0.339bn
  • Central government NCR 19.3bn vs 1.1bn prior

ONS note;

  • Borrowing in financial YTD 32.5B, 2.5B lower than a yr-ago
  • September 2017 borrowing of 5.9B is 0.7B lower than same period 2016
  • September 2017 net borrowing is the lowest YTD read since 2007
  • Stamp Duty, VAT and income tax all contribute to receipts this month
  • Current expenditure 0.9B, largely from Goods & Services
  • VAT receipts have risen consecutively since April 2015

Very interesting numbers, the reason being that Hammond makes his Autumn statement next month and he’s been given a gift of the smallest budget deficit in 10 years. There’s probably going to be a lot of digging into these numbers by the opposition to see if there’s been any accounting smoke and mirrors. The deficit has now been sliding for the last 3 months. Revenues were looking good from tax and vat but corp tax receipts were down a touch vs last year.

Overall, nothing to trade on but Hammond will have something to crow about in Parliament next month.

Ryan Littlestone

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