Public sector net borrowing in the United Kingdom nearly doubled the number from the prior month according to the latest data released by the ONS. November recorded £13.56 billion in borrowing versus the same month last year compared with October’s £6.75 billion. The figure was far higher than forecasts of £11.00 billion. The ONS pointed out that last year's numbers were boosted by fines of around £1.10 billion which spread over November and December after several banks were penalized by the Financial Conduct Authority for failures in their foreign currency operations. Excluding banks, borrowing rose £1.30 billion from last year to £14.20 billion in November. UK public finances still are not improving as quickly as Chancellor George Osborne expected, increasing the likelihood that he will have to introduce additional fiscal policy measures to achieve his goal of a budget surplus by 2019-20.
US GDP Revised Lower
Daily Analysis - 23/12/2015