Facts & figures: Public sector net borrowing in the U.K.
July's numbers on net borrowing within the public sector in the U.K. are out. Data from the Office for National Statistics (ONS) shows that Britain's public sector had a net borrowing surplus of 0.76 billion pounds in July 2017. This number is higher than the 0.27 billion pounds surplus measured a year ago in July, and exceeding the expectations within the financial community of 0.2 billion pounds.
If we leave out banks, the surplus is 0.2 billion GBP in July, achieving the first surplus since the early 2000s. This is lower than net borrowing figures in July 2016, which was 0.3 billion.
We also witness public sector net debt increase by 143.9 billion pounds during July 2017 compared to 1,758 billion pounds during July 2016.
In a chart detailing numbers between 1993 and 2017, government debt reached levels of 12250 million pounds at the beginning of the year, a record high. Between 1993 to modern time, government debt averaged -4038 million pounds.
According to the ONS, net borrowing is the difference between the net acquisition of economic assets and the net incurrence of liabilities.
We soon await the numbers on net borrowing for the month of August. Stay tuned.