October 2018 UK Public sector finances 21 November 2018
- UK PSNB 7.956bn vs 5.350bn exp. Prior 3.259bn. Revised to 1.981bn
- Ex-banks 8.820bn vs 6.150bn exp. Prior 4.123bn. Revised to 2.845bn
- PSNCR -3.346bn vs 15.845bn prior. Revised to 18.307bn
- Central gov NCR -3.2bn vs 14.7bn prior. Revised to 15.2bn
It’s usually typical that the first set of numbers after a budget announcement is bad for the Chancellor but the it’s not all bad news. Tax reciepts are up and so is government spending. As long as the ratio remains largely intact, Hammond is on coulse to keep reducing the deifcit. That is down some 30% y/y in the first 7 months of the financial year. For this perios, it’s the lowest for 13 years.