U.K. PSNB Declines Sharply In January

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U.K.'s public sector net borrowing or PSNB was GBP 4.3 billion in January, smaller than the GBP 13.97 billion borrowing in December, the Office for National Statistics reported Thursday. A net lending of GBP 5.3 billion was recorded during the same period of previous year. Economists had expected a net lending of GBP 2.6 billion for January.

The public sector net cash requirement was negative GBP 11.8 billion, a GBP 13.1 billion higher net cash requirement than in January 2009. The public sector current budget was in GBP 1.2 billion surplus in January, sharply smaller than the GBP 10.2 billion surplus seen in January 2009.

At the end of January 2010, public sector net debt was GBP 848.5 billion, equivalent to 59.9% of GDP. This compares to GBP 708 billion as at the end of January 2009.

U.K.'s public sector net borrowing or PSNB was GBP 4.3 billion in January, smaller than the GBP 13.97 billion borrowing in December, the Office for National Statistics reported Thursday. (Market News Provided by RTTNews)