United Kingdom Public Sector Net Borrowing
|Latest Release:||20-02-2015 09:30:00|
|Next Release:||22-10-2013 08:30:00|
|Source:||Office for National Statistics|
The GBP/USD continued to gain a foothold after holding support levels as the U.K. government borrowing data and sub-forecast BBA mortgage data had little impact on the currency pair. In the wake of last week's Scotland's "No" to independence vote markets are now re-focused on U.K. fundamentals, which is characterized by benign inflation and wage data that is leaving the BoE with a wait and see policy stance.
U.K. BBA mortgage approvals came in below forecasts at 41.6k, ebbing from 42.7k in the previous month. The median expectation had been for a 42.9k outcome. The BBA data has been trending downwards since peaking at 50.k in January. The decline in approvals reflects high property prices and the impact of the Mortgage Market Review in April, which has pushed up mortgage lending rates. The BoE also implement earlier in the year a cap on loan-to-income ratios.
U.K. government borrowing continued to worsen in August. The data for net borrowing totaled 11.6 billion, up 6.1% year over year, near the survey median forecast. The government is falling behind its target to reduce borrowing by 10% in 2014-15, partly due to sluggish growth in income tax receipts and social security payments, which rose just 1.6% year over year in August, reflecting anemic wage growth despite an improving job market.
Forex » Increase In UK Current Account DeficitPosted Sep 23rd, 2014 at 10:12 AM
Britain is evidently still struggling with itâs levels of current debt according to the latest figures just released by the National Statistics Office. A small surplus in the Public Sector Net...
Forex » Fall In UK Retail SalesPosted Aug 21st, 2014 at 09:07 AM
There have just been some mixed Retail Sales figures released by Britainâs National Statistics office but in general these have come in on the soft side. The headline Retail Sales year on year...
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