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Market Update: UK Budget Gap Falls in April
Public sector net borrowing in the UK is estimated to have been £31.7 billion in April of 2021, £15.6 billion less than in April 2020, and in line with market forecasts. Still, ; it is the second highest April borrowing since monthly records began in 1993. Central government receipts were £58.0 billion, up £3.8 billion (or 7%) compared with April 2020, while central government bodies spent £95.9 billion, down £12.9 billion (or 11.9%) yoy. Considering the financial year ending March 2021, public sector net borrowing is estimated to have been £300.3 billion, revised down by £2.8 billion from last months first provisional estimate but remaining the highest borrowing since records began in 1946. It is equivalent to 14.3% of the GDP, the highest since the end of World War Two, when it was 15.2% in FYE March 1946. Meanwhile, public sector net debt was £2,171.1 billion at the end of April 2021 or around 98.5% of GDP, the highest ratio since the 99.5% recorded in March 1962. source: Office for National Statistics [/s2If]
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