Home » Currency Note » Currency Note » Currency Note GBP » GBP: UK public finances worse than expected

The schedule was fairly quiet yesterday, with only the public sector net borrowing figures for October set for release. The deficit surprisingly widened to £7.96 billion from £6.37 billion in the same month a year earlier. This was larger than the £5.35 billion gap the markets had been expecting. However, there was some good news, as Britain has borrowed a total of £26.7 billion in 2018 so far, which is £11.2 billion less than the same period in 2017. It is the lowest annual deficit at this stage of the year since 2005.

Meanwhile, the Organisation for Economic Co-operation and Development (OECD) said Britain needs to forge a deal with the European Union that brings ‘the closest possible relationship’ to prevent an economic downturn. In its latest health check on the global economy, the think tank appeared to support Theresa May’s deal with the EU. While it resisted calls for a second referendum, the OECD did say a no-deal Brexit would push UK growth lower than it currently is.

The schedule is quiet for the rest of the week now, with the next release due on Monday, when we will see UK finance mortgage approvals for October. However, there will likely be plenty of political news to keep us busy, especially if 48 votes of no confidence are submitted to Sir Graham Brady.

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