UK borrowing fell to the lowest comparable year-to-date level for four years in nominal terms, the Office for National Statistics said Thursday, although overall borrowing was slightly higher than expected by financial markets.

Public sector net borrowing excluding public sector banks (borrowing) was GBP8.4 billion in Feb, GBP3.4 billion less than in Feb. Borrowing in the financial year-to-Feb was GBP106.8 billion, GBP4.6 billion less than in the same eleven-month period a year ago. (see MNI INTERVIEW:UK Syndicated Sales Help Market Digest Gilts-DMO)

Debt-to-GDP was provisionally estimated at around 97.1% at the end of Feb 2024, 2.3 percentage points more than at the end of February 2023, and remains at levels last seen in the early 1960s, senior ONS statistician Jessica Barnaby said.