October 2017 UK public sector finances report 21 November 2017

  • Prior 5.326bn. Revised to 4.432bn
  • Ex-financials 8.040bn vs 7.000bn exp. Prior 5.902bn. revised to 5.008bn
  • PSNCR -3.8bn vs 11.2bn prior. Revised to 11.4bn
  • Central gov NCR -6.7bn vs 19.3bn prior


  • Borrowing YTD 38.5B; 4.1 lower than a year-ago
  • Debt interest payments rise by 1.2B, to 6.0B highest October on record
  • Large debt interest payments was due to RPI readjustment
  • Corporation tax now in 4-month downtrend
  • PSNB Ex-Banks 1790.4B at end of Oct 2017, equivalent to 87.2% of GDP
  • VAT receipts a little below average

Not much of a move in the pound but a minor blow to Chancellor Hammond ahead of his Autumn budget statement this week. The numbers had been moving in the right direction and he would have liked to have nailed another drop in borrowing.

Ryan Littlestone

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